The only other bioware game I have played was KotOR, and that was alright. Interesting really but I doubt such storytelling translates to MMOs well. As for your first point...
So rather than choosing conversation options I personally want to do and be rewarded with gear later I have to plan out what gear I want and hit the right responses in order to get specific gear I want in the future? That doesn't sound very... role-play-ey to me. Even then some of the choices are too cut and dry. I wanted to be Dark and yet I felt the decision I wanted to make was ultimately Light. Well that could be a test for the whole "You can't go back and change decisions" coil since I plan to dump the quest and engage the NPC again. Fairly certain he'll just give me the same one over again though, but gotta try.
As for companions... Really? I need to care about these hunter super-pets? I willingly send them to die so I can get a quest done, they are there to help me and that's it. I don't give a crap what their feelings are. And now for two preemptive counterpoints.
But if they don't like you they'll fuck you over!
Doubtful, because if it came to it a companion turned on you and fucked you over that simply isn't fun and won't encourage people to play. Ergo it most likely won't happen, I suspect they will simply leave you and you lose access to them and any gear they had.
But if they die you lose them forever right?
Again, doubtful. If you didn't have some way of reviving your companions and each death was permanent it would be frustrating and irritating. And again, discourage players from investing anything into them or even discourage them from playing the game. And Bioware wouldn't want that, so there's a good chance even if I send them in to die I can revive them later and they'll like me less. And I doubt they will abandon you at some critical junction that would hurt your gameplay experience.
And once again, lots of you (and other fanboys) long lauded the whole concept all you do affects out your player is treated by NPCs. For a solid six hours on Korriban my inquisitor has been a rude, irritating bitch to everyone (even her superiors) and sans times I have to begrudgingly accept something for a quest because let's be honest who won't take a quest just because you don't agree with the NPC?