Sadly, the dialogs and monsters won't change much from one playthrough to another, that's why the routine should be more entertaining. A player may feel sick of picking up paintings and turtle wands every time he decides to start a new game. If the replay value is based on having a different storyline in same locations, the routine must not spoil the process.
I believe the idea is if you pick different origins each time, that the dialogue options and questing will change enough to remain interesting.
If your hope for the game's replay value is pinned on a NG+ mode where you take a single character through the game until you max out all your stats, I think you'll be disappointed.
