The key word here is balance. Character creation options and multiple story paths aid in replayability but at the same time does not promote good story cohesion. Games like PS:T and KotOR have great story cohesion and focus, but at the same time lack character creation options. Morrowind on the otherhand has a wide range of character creation options and such, but lacks any sort of focus.
Now KotOR does sport multiple story paths, namely 2 of them, but while a game like Fallout had multiple paths that led to quite a number of endings. Fallout, though graphically lacking in terms of today's games was a good balance of character creation options, multiple story paths, and story focus.
If Obsidian can achieve this, yet have a story on par as PS:T, then they would have a game worthy of being titled Game of the Year. Of course that is a very big "If."