Nothing much to update on this unfortunately as there seems to be very little information about at the minute...
Just a couple of snippets from this months Official Playstation Magazine and a semi hands on video below.
Traits replace the Perks of the last game, where you now increase your stats for one ability, but it will come at the cost of lowering another. E.g the Built to Destroy perk increases your chances of scoring a critical hit, but your weapons break faster.
Crafting is another new feature which allows you to make your own bullets, healing powders and other useful bits and pieces, in a similar way to being able to create your own weapons in Fallout 3. You still need to find blueprints/instructions and a workbench or a campfire to make them at.
The books from the old game have been replaced by magazines (how interesting!) but now instead of perminantly raising your stats by 1 point, the effect is temporary and will wear off.
Healing from food items is now no longer instant and happens over a short space of time, but Stimpaks remain an instant health boost unless you are playing in hardcore mode.
A few new Screenshots as well, looks a bit more polished especially the faces, but still much of the same.
Found some developer diary videos also: