I'm not a fan of it, personally. It feels as though my character is at a disconnect with the world around him/her. The descriptive, indirect style strikes me as passive and devoid of personality. It's especially jarring during inter-party dialogue and banter as well when everyone involved is talking via emotes.
I can understand that it's easier to translate and localize, and also the argument that it allows a player to "fill in the blanks" regarding their own character's personality, but the second point seems counter to the push for established origin characters that already have established personalities of their own. These characters are not "our" characters, they are more akin to a novel protagonist and should have direct dialogue options to help cement their identities as well as their place in the world around them.