I'm not going to bother speculating on the location since there are so many possibilities with little to no verifiable evidence available. Either way, I feel that Bethesda will work on improving the gameplay mechanics according to the feedback for Fallout 4. I have no doubt that the game will riddled with bugs and various issues; as is the norm with Fallout and TES. I'm also hoping that Bethesda will introduce a storyline where the player has an abundance of choices with more dialogue. One of my biggest complaints with Fallout 4 is the fact that the dialogue is anchored down to four vague choices at a time. I have no doubt that there will be noticeable changes to the game engine as well.

I don't expect Bethesda to release a new Fallout title for quite a while and wouldn't be surprised to see another surplus of changes that will be scorned and lauded by the community.

Nevertheless, in the ideal world Obsidian would obtain the contract to develop the next title with an extended duration to work out bugs and issues. Only time will tell.

RedEye wrote:

Stopping this nonsense of completely fictional weapons, like seriously, just look at the "assault rifle" from Fo4. Compare that to what we had in New Vegas and the originals, weapons based off real world firearms, hell even Fo3 had a few. I'd like the weapons of FO5 to be mostly from previous fallouts, and that bethesda would not create a single new weapon, since they suck at weapon design so badly. Thank god for weapon mods. They pretty much saved Fo4.

So much this.  That assault rifle was literally Steampunk/WWI-esque and has no connection to the designs of Cold War-era weaponry.  Not to mention that the audio was atrocious for a number of weapons such as the the vanilla and Nuka-World 44 magnums, which sounded like they were propelling turds instead of bullets.

Here's what I personally hope to see in Fallout 5:

• Dual-wielding.  Why this was a thing in Skyrim and not FO4 is rather perplexing.
  
• It would be cool to see head wounds if you were shot in the head.  Idk why they do it for the rest of the body and not the head.
  
• I like @Wertologist's idea of setting the next one in Texas.  There would be many opportunities to satirise and pay homage to many aspects of American culture and history in a Texas-themed Fallout.
  
• If the NCR is to make another appearance, I hope they do a much better design of the gear for their soldiers.  The Ranger Vet gear was fantastic, but the standard NCR troopers looked like they were from a century ago.  I would also like to see more NCR towns/cities like Shady Sands that aren't simply shanty towns or formerly abandoned pre-war buildings.
  
• Drive-able vehicles would be cool.  That may not be a realistic thing to hope for, but if modders for FNV were able to make them happen, why not?
  

Even after 4, I'm still hopeful. Hopefully, they learn from their mistakes. I hope to see more of the deep, detailed, and expansive areas like downtown again. That was one of my favorite things about it.

I'm hoping they go back to the RPG Fallout. Seriously, its all I want from them. I don't care if they have one of the most robust shooting mechanics, I don't care if they have the most badass power armors and weapon customizations. If I can't roleplay in a Fallout game, I won't get it. I don't buy fallout for the shooting mechanics...heck If I wanted a shooting game, I'll just play something else instead like Borderlands or even Stalker.

i'will not look forward t another bethesda fallout i got hyped and it ALL BURNED before the game even released. if obsidian gets another shot i will be hyped to hell! in fact will invent a time machine just so i can get to the point in the future where i can grab that damn game.

I see their trend continuing of adding gimmicky gameplay elements and just throwing in everything what's cool at the moment. While also going further away from the RPG elements and feel.
We will probably get a streamlined game where the RPG elements are an afterthought again, with only one intended way to play it.

@wurm45 I completely agree with you.

They are moving away from the classic RPG elements which were present in the previous/older Fallout titles. Sad to see they are moving towards a fps oriented game with, as you said, gimmicky gameplay elements.

But who knows maybe they will revert back to the classic style and feel. They are a company that listens to their fanbase so I have hope.

@Nukacide for that it would probably need someone else has director than Todd Howard, because it's obvious that the game just doesn't work anymore.

kinda sad why gamers this day can't appreciate real RPG, I don't mean old school RPG d&d stuff cos' that's totally old system that most people this day won't be able to play it. just a standard RPG mechanic that's is already simple establish like Fallout 1, Fallout 2 did. what I am mad about is that they remove the skills and traits. even elder scrolls series since Morrowind is perfect, what they need to remove is that combat based dice roll stuff cos' that is D&D rule, just remove that & improve the other features that could be an abuse for players & then walla!! you get urself a really good open world role-playing experience.

Date of launch? In about seven years or so. They'll want to do Elder Scrolls first and that'll take about three years I think, especially considering all the time they've wasted with Skyrim HD.

Location? Somewhere on the East Coast most probably, to continue their own little world-bubble they've built within the Fallout universe. Unless they decide to completely retcon all of the West Coast stuff by blowing up New Vegas with that underground Alien City they mentioned.

What will the game be like? eh...

@Limitlessness I really have to agree with you on the whole dialogue thing, they watered it down just so they can have a voices protagonist. I really do hope they remove voice acting so they can implement more speech options to really flesh out the dialogue.

I think they've learned their lesson in what works and what doesnt work. But honestly I see the faults of the dialogue system and some of the new systems theyve made, I have to commend them! At least they are trying new things to bring us a new and better experience each time, so honestly I hope they continue that trend of trying new things but respecting what works and what makes their games have that bethesda identity.

If there is going to be Fallout 5, they should have learned from their mistakes and listened the feedback they got when Fallout 4 was launched. I like every fallout game, except Fallout 4... not that much. Which is a shame really, since they could do much better in my opinion, they have resources for it. Played FO4 through once and that's it, the game bores me. It's playable for sure, but a lot can be improved.

I know that a lot of people thinks FO3 as the worst fallout game, but I like it. Though it's not as fun as New Vegas or even the first two, but still. Nothing can beat Fallout 2! I'm more of a old-school player .

Just don't hype too much and definitely do not pre-order the game.

The fact that it's a pretty common opinion that a game made in roughly a year is better than a game made in seven years speaks volumes.

Especially since they even ripped a quest off from a modder and stuffed it into Fallout 4, pretty sad.

If they drop the new dialogue system, stop making up weapons, and stop content padding- then there is hope. Bethesda writing has never been great when it came to main stories, but there was always some really good sidequests to be found.

Fallout 5 will probably be like Fallout 4 with a few changes here and there. Bethsda will most likely judge from the profits and fan reactions of Fallout 4 and go from there. A lot of the build settlements features will stay. Will get another big city to play in the main quest. Apart from that we can only guess.
Hopefully we will get a better story and better choices with story and world effecting changes from our choices. The ability to be good or evil characters. Better DLC's and more of them. Bethsda just needs to listen to the fans.