I just started on Act 2 so some thoughts:
I had thought the reduced inventory management was going to suck (like ME 2) but its not that bad. 12 accessory slots (3 per char), 4-8 weapon/shield slots and your 4 armor slots are a good amount of things to look out for. In addition you can still put runes in items and you can find/buy upgrades for your party members' armor. They do throw a LOT of armor at you which I think could have been easily fixed by only showing you armor your character can actually wear. I suppose it is possible to increase your rogue's Str/Con to wear plate (for example) which would be a bit of an issue, but who actually does that?
Combat is faster paced and some abilities just seem much more OP than others. The rogue's double attack thing that automatically does a double crit is pretty absurd. Most things just explode if I sent Isabella to Backstap-> Twin Fangs them. The fact you can get cooldown reducers for each of those abilities doesn't seem to help balance either. I haven't really used much of the whole cross-class combo system since my fighter is just a tank and my archer's abilities seem to just kill things rather than Disorient them. The fights are generally easy but the boss fight difficulty ramps up enormously in some places.
I'm still only have a vague inkling of an overall story and it seems the most prominent part of it got triggered off a Companion quest in Act 2 rather than the main quest, which is either a red herring or just counter-intuitive. I like the companions though I've really only been using Merill, Isabella and Aveline.
The dialog is actually much better than I had hoped. There are a lot of the canned "Good, neutral, Badass" responses but they never feel as jarring as ME. Choosing the "evil" response sometimes feels pretty appropriate and the reaction is not usually too over the top. There's also a fair bit of "unaligned" choices making it feel more like DA:O or Baldur's gate which is also nice. Voice acting is quite good and the banter between characters is fun too. Though it seems I've run out of banter in my current party which makes me feel like there's less than in DA:O. Its possible I just didn't know I was missing triggers in DA:O though since you kept going to new places. In DA2 you start to remember in Kirkwall where the triggers are so you realize they aren't bantering.