Just had a quick hour on this and so far - LOVE IT!
Looks beautiful, good story already and the action is fine - dont know what people are complaining about. The speech system is superb once you are using it. The options that come up are more related to what you are thinking as the player, so you choose the option and your character asks the right questions.
I think it works really well - much better than picking from selected lines of dialogue. And it works really quickly - your choices come up before the AI ends talking, so you can cue up your response and its almost seemless. I try to do it as quickly as possible by chosing the response I have in my head, rather than reading each one, thinking about it and then choosing.
Personally, makes me feel more immersed.
Ok, the action - I think is good so far. Very 'Gears of War' as people have already said - like the 'run' camera, cover etc. Cannot see how people are saying its 'basic' etc - seems like any other 3rd person shooter. Squad system works ok with basic orders... sure if you are a fan of games like Gears, GRAW etc, then you'll love this.
I'm very much playing the game as a shooter, with RPG level-ups, squad tactics and the story as bonuses to that. Can already see this becoming a favourite with me and I by no means like RPGs...
If anyone has any q's, then fire away - though I'm sure most will have it tomorrow.