Fallout 3 / New Vegas version work with both these games the same.
Most versions do not support hardware antialiasing, so do not enable it in game video options or in video driver control panel (especially important for AMD users), overwise you will see bugs, because deffered rendering do not support antialiasing in dx9. Other requirement is hdr must be enabled in game video options.
Not many effects made, because engine use multipass rendering and this require too much effort for old unpopular game, but supported are color and lighting corrections, programmable post processing effects, sun rays, ambient occlusions and indirect lighting, detailed shadows.
As always, included preset is not configured, download customized from other sites like nexus or from the forum.