Okay, I downloaded the new patch (1.06) and the game was running great until then. This patch has rendered this game UNPLAYABLE. After 20 minutes of rough, scratchy, (though still playable) gameplay, it gets to a point where the the frame lag will be around 1 FPS and falling. After 30 seconds of this, the game will decrease to about 1 frame every 4-5 seconds.
Then I go to reboot my system and take the disc out and the disc will be burning hot. Its like this game has my PS3 in overhaul.
Its like they went and fixed all the little trivial things that people bitched about and screwed up the gameplay. I couldnt care less if my companion had a glitched black face, if a weapon is displayed oddly on an NPCs back, if a certain faction or certain NPC carries a certain type of gun, or if my gun displays incorrect damage info. Just make the damn game PLAYABLE!
Now I love Fallout, its one of my favorite games, but for the love of God...
Try deleting your Game Data (not Saved Data) and reinstalling the patch. Perhaps it didn't install correctly.
Also, how big is the save file that you are playing with?