Edit: Edited it so this thread doesnt derail into semantics.
Please believe me that when I say "Good luck with that." my sincerity and cynicism are too close to balanced to call.
Me, I prefer the ranged approach with glass cannons. Mages and archers both, although I'm enjoying mages more than usual in this game. There are a lot of perfectly viable approaches, although we'll see how that carries through the full game.
I tend not to even need the companions - I've carried them along for the dialog a couple of times, but they aren't entirely developed/released yet. I hope.
I've tanked as well, but sniping is just too damned satisfying for me. Take that as you will.
