The news that Bethesda is taking over management of Obsidian concerns me for several reasons.
Overall, I'm optimistic, but I can't shake the feeling that this could harm Obsidian's next Fallout game.
My positive viewpoints are that this almost certainly confirms that Obsidian's next Fallout game will be on the newest Creation Engine, Creation 2, the same one we saw in Starfield.
Regardless of Starfield's missteps, one thing about it is that Creation 2 was very stable and felt far smoother than its predecessor. So the new Fallout being on this engine would be a plus in my book.
Another upside is that Bethesda can use their resources more effectively on the project. I have seen many people say games like Avowed and The Outer Worlds 2 felt off. Bethesda, with all of their faults, has mastered open-world games, so the fear of an "open zone" Fallout game starts to fade with this news.
However, there are valid concerns about Bethesda sinking too deep. While they advised the team at Obsidian during Fallout: New Vegas, Obsidian was widely free to create their vision during production.
I am hopeful Bethesda will use this same approach. Still, with them taking over "Management Duties", this new game essentially becomes another "Bethesda Fallout", with the hope of some fresh hands on the project starting to diminish.