Under a technicality, no, it will not. You have to run it once through Steam. After that, you can move it out of the Steam folder and it works just fine.
Therefore, yes, it still has SOME form of DRM that must be used on it to activate, but after that, it doesn't require Steam at all, even after you uninstall Steam.
There are several games using 3rd parties DRM, especially those using Securom as on-line activation DRM, where you can install them and activate them through Steam, then uninstall Steam and still play them.
But it doesn't mean that they are DRM-free; it simply means that they don't use Steamwork as their DRM but use something else instead.
There are also several older games found on Origin who does that too, IRC Dead Space 1 (and maybe also ME1) where once they are installed and activated you can remove Origin and still play them. But try to move the game to another computer and you will have a nice Securom pop-up asking you to re-activate the game.
I work at a gaming center, so GOG has been a great friend for us in getting games that people can play. When you have to install 40 copies of a game to computers, DRM-free makes things much easier all around...especially with GOG's installer.
I say this because I used that one copy of Fallout 3 GOTY Edition that I bought for the store for all 40 computers that we have. In turn, if there is some limit to installations, then they do not even care about it with Fallout 3. There is GFWL, but it is not required to be used at all for the game. You don't even have to log in and you can still save. It was at a time when GFWL was still very young.
I know about SecuROM and multiple other things. Because of the old disc checks, we have to create images for the discs to run on our PCs in order for the games to operate without discs, as well as run all kinds of programs like DAEMON Tools and YASU.
I just wanted to give an update to this thread about Fallout 3 since the only thing listed in the original OP was the base game with no mention of the GOTY Edition.
Also, I did not know that about Dead Space. I've been wanting to get a Dead Space game on the computers up here, and I just so happen to own Dead Space. Time to go on a new mission!