I can't get why people keep saying that the dialogue system is worse than Mass Effect's. From what I've seen, at least they don't have fixed "good", "bad" and "neutral" answers. They just tied different answers to 4 buttons. Which obviously sucks, because the options are limited to this number. But hey, at least it doesn't look like they've tied the types of answers to the buttons like Mass Effect (and later Dragon Ages) do. So hopefully you don't end up pressing X to be a good guy all the way and Y to be a bad guy. Of course, they might do that. And that will suck.
Short answers sadly are becoming industry standard. But you can cleverly handle them.
Deus Ex: Human Revolution is a good example. Though they had short answers and only 4 options at a time, you could see the full phrase when pointing at the short one. So everyone got what they wanted: pew-pew players who don't want to read and listen had their short phrases and those who want to choose more thoughtfully and read full phrases had their chance too. And there were ways to dig further into the dialogue. So they weren't actually limiting themselves to 4 options.
Another example is the recent Witcher. Though I don't like that they've turned answers into short phrases and Geralt is a bit too heavy on expressing his "own" opinion sometimes that doesn't depend on your choice, they actually make you face a lot of situations when choosing different dialogue options leads to really different consequences. Most of the time they don't even have more than 2 options to select from, but, hell, they are at least meaningful.
So it is possible to do good dialogue and stories even within current simplification trend. But it can turn out the other way: present player with 4 options always, which funnel to the same outcome. This illusion of choice was widely used by Bioware even before the infamous good-bad-neutral dialogue wheel.
For example, Dragon Age origins had quite a lot of those fake choices. You were presented with 4-5 possible answers, which led to the only outcome.
That being said, dialogues have never been Bethesda's forte and I'm afraid they might be aiming at either of Bioware's mechanics or even both: fake choices and "always press X to be a good guy". From what I've seen to the moment, I betting for the fake choices.
