I agree that this is an issue. I want to play through the game with a friend and it seems like one of us ends up missing half of the dialog. Even if you try and use the chat in the corner you are not getting the full back and forth dialog (including the responses from the other player). You also have to contend with other chat that may be happening at the same time and it makes it difficult to follow. Also, the chat box only shows the text if you are right next to the other player. There are a number of times when I am not in the exact room when my friend initializes a dialog and then I miss it completely.
My goal with this game was to play it multiplayer co-op from start to finish with my friend. I see people saying that I should play single player for the story, but I do not want to play single player. I like coop games and it is why I backed this game in the first place. Being forced to miss out on large chunks of the story just because I want to play coop doesn't make sense.
