I'm not particularly concerned about a morality system per se. There have been other things in games past that have had little to no impact on gameplay (choice of deity in Neverwinter Nights 2 for instance...choices limited by alignment, but beyond that had no impact, minus a line of throwaway dialogue).
I'm fine with alignments being present and having little impact/effect. BG1/2's Reputation system was a rough around the edges solution, but it did work fairly well (though being able to simply pay the temples to be "good" again did neuter it).
It would be nice to see some kind of good/evil yardstick that imparts some effect, but I'm not overly concerned about their inclusion or not (my imagination will pick up the slack should I find it necessary).
