Not really.
Paragon = follows protocol and directions.
Renegade = whatever needed to get the job done.
But, like Jade Empire, it was poorly implemented.
Which reminds me, any type of personality meter in the game? Dove vs Hawk, Obedient vs Maverick, Isolated vs Friendly?
Not exactly, at least not based at all on what was seen in game.
Following protocol and directions is waaay to simplified to have an entire extreme of your personality based on it. And it's not just protocol, saving the colonists on Feros wasn't "protocol," in fact, there is no protocol for Spectres. Paragon is nice, Renegade is mean. It's as simple as that, and that's why Mass Effect has shallow characters. It's a great game, with a plot that is anything but shallow, however the characters are lacking.
The characters in KotOR1 were slightly better, but they, too, were a bit lackluster until KotOR2 came along and expanded on them. Revan was no longer "all good" or "all evil," and his "fall" fell into question. A character cannot have absolutes to be deep, there have to be questions and ambiguity. This is true in all forms of storytelling, in literature, in movies, and also in video games.
This is why I'm glad it's Obsidian making this game, as they have the ability to pull it off.