It sounds really, really good. I was hoping it was free roaming originally, but it's probably better in the end to keep it along a centralized path with side bits. So many games fall to shit like that *coughMorrowindcough*.
One thing I thought was neat, was being able to tinker with difficulty, and make certain quests more unique, by boasting in town and whatnot. Greater rewards for more ridiculous stuff = good.