I haven't played TOW yet, but as far as combat and loot are concerned, it's not like any Fallout game, old or new, was spectacular about it. FO1 and FO2 are janky, and the Bethesda ones are... well, serviceable. Likewise with loot. Gather a lot of crap, keep some, sell others... standard RPG fare that I hope the genre will finally get rid of someday.