Played a few hours of this at a friend's house, and I'm glad I didn't spend $40 (or even $30) on it. $10-20 would be appropriate.
The inability to import some items is irrelevant. Not only because you get money/better items quickly, but because the expansion is very, very easy compared with Origins, even on hard difficulty. None of the fights have given me any real trouble.
The characters are okay. They're fine in concept, but they're not nearly as well-developed as their Origins counterparts (even Oghren) and the dialogue lacks the sharp writing that Origins did so well. I'm glad the banter triggers a lot more often this time around, at least. I think Awakening would have benefited from dropping a few of the weaker cast members entirely and just focusing on three or four.
The quests are very perfunctory, for the most part. They mostly consist of going to an area, encountering some weak enemies (occasionally some of them are named specifically) and wiping them out without breaking a sweat. There are few surprises to be had, and quests with a lot of potential for interesting Dwarf Noble-style intrigue (like the noble's plot) are woefully underdeveloped.
The faux-Britain setting of Ferelden seems like the most generic, boring region of Dragon Age's world, and Awakening hasn't changed my opinion. The new environments and enemies I've encountered so far look pretty samey. Hopefully Bioware will take future expansions/sequels outside of Ferelden.
No new music, AFAIK. Too bad. Origins had good music but repeated themes too often. The composing technique of repeatedly making variations on a few core themes is fine for films, but not so appropriate for long RPGs. It's a pity Awakening doesn't address this.
As I mentioned, the fights are too easy (which makes sense in some cases, because you're fighting ordinary bandits a lot of the time; but why?). The new abilities/specializations exacerbate this problem by being overpowered and poorly-tuned in general. The core DAO game deserves some of the blame for this, because the game mechanics are very opaque in general, with little ability or need to really understand the numbers, and the game's real-time nature makes this worse. Dragon Age badly needs more transparency if it wants to pretend at having deep tactical combat.
Like I said, I haven't finished Awakening yet, but even if the quality really turns around, it's still only going to be a mediocre expansion. I agree that the management stuff is a highlight, just like it was in BG2/NWN2. Superpowered characters SHOULD be focusing on that stuff (along with epic encounters), not busting up small local smuggling rings.
So yeah, I'm very underwhelmed by DAO's DLC. It's either short on content or short on quality. What happened to Throne of Bhaal-level expansions? Is Awakening made by the Dragon Age B-team while the rest are working on the sequel? That'd explain a lot.