I've had this bug for a while now, not long after installing F3FNV. Objects are being drawn, but it's like there's some sort of "fog" obscuring my view of everything beyond a certain distance. It looks like the sky texture is being drawn over objects. Is it possible that I accidentally shrunk the skybox somehow? I've looked through the Fallout.ini file, but it all seems to be normal. I checked it with the INI generated when installing FO3.

Spoiler:

Anyone have any ideas?

SOLUTION: Turns out I had forgotten to transfer over the LODsettings files for Fallout 3 to the proper folder under Data. The landscapes now render as normal.