The new Bard's Tale :D
It apparently sucks at being a humoristic game. Action 'RPG'. Essentially, as the Bard, you get to choose whether to be 'good' or 'bad' during conversations, and you'll go through some prescripted dialogue sequences. Be careful though, sometimes being good will come back and bite you! Sometimes being bad is also not the best thing for you!!! The problem is that it's pretty random.
Judging from the ME trailer above, it doesn't seem to be the same way. It's just simplified intent options that being full-fledged cinematic cutscenes of awesomeness. For a console game, tagging each option to one button isn't necessarily a bad interface decision. It makes accessing the options faster. My main gripe with said trailer isn't the 'system' per say, it's the bad melodramatic writing/storytelling, from what little we've seen. Add in stellar writing, and I couldn't care less what kind of dialogue system you're trying to use.