Bethesda said that THEY will not release someone else's project, Obsidian is not Bethesda and Obsidian consists of most of the people who worked on Van Buren to begin with.
True, but it's not just Obsidian who's making it. As I said, Bethesda is still involved.
Also, although I personally don't care about graphics, the truth is that a blocky, isometric-looking game like Van Buren would not sell these days. Sure, some people (myself included) would buy it, they wouldn't make as much money as they would with a pretty game like Fallout 3. And at the end of the day, game companies are all about buying a second mansion or a third yacht.