It seems that nothing has been confirmed for Fallout 4, except for the fact that the game will be the first in the franchise to debut on the Xbox One and PS4. Despite running on next-gen gaming machines, it is wise for the fans to not expect high-end graphics on Fallout 4.
This can be explained by looking at Fallout 3. Back then, Bethesda utilized the game engine used on Elder Scrolls Oblivion to develop Fallout 3. While the game developer might have improved the engine for the title, Fallout 3 came out with average graphics.
If the same method is applied on Fallout 4, then the game might run on Elder Scrolls Skyrim’s game engine. Of course, Bethesda will tweak it to run better for Fallout 4 but it won’t be superb when played on the Xbox One and PS4.
Furthermore, Bethesda can save a lot of money if they create the highly anticipated sequel with the old game engine. For starters, Fallout 4 development can be generalized for all consoles, thus, reducing the manpower needed to produce the game. Also, the fact that Fallout 4 can still be played on the old consoles ensure more profits for Bethesda.
While there is no certainty on the assumption above, it looks likely to happen. There is simply no way for Bethesda to create a new game engine as it will require a lot of money, resources and time. Doing so will only delay Fallout 4’s release and also their profits.