It's not the same company, though a number of the senior people at Obsidian did work at Black Isle at one time.
Games are increasingly influenced by Hollywood and movies, and thus by the maxim of show, don't tell. Verbose games are few and far between, but quality dialogue and storytelling can still be found, as others have mentioned. If dramatic and memorable storylines and well-written, well-acted dialogue are of greater interest than multiple solutions to problems, try point and click adventures instead of RPGs. The Longest Journey and Dreamfall, for example.