Bioshock 2 had upgraded graphics didn't it?
This though is basically like Crysis, and Crysis: Warhead. Two different games, same engine and graphics but different story. If FO3:NV is a game on it's own in the sense that you can do everything you could in the first one, plus a little extra, just in a completely different place with different players, then it's an expansion.. Expansion of the original FO3 world.
D=