I do think the story is important in a game like this, at least on par with gameplay in terms of importance. Personally I highly care about character developments, interactions and relationships. For the most part I really enjoy it, but there are moments where dialog and events go out of sequence or don't properly correspond with what is happening. Too much freedom and not enough developing for each possible scenario leads to this and it is disappointing when you think that you can do things differently than the direction the game offers and the game ends up not making sense or just gets bugged.
Although it is early to say, I am a little afraid that stuff like knock unconcious will be very hit or miss in terms of when the game will actually have a reasonable response to it or not because there are simply so many possible scenarios. Maybe they should just not allow KO unless the scenario has been programmed to allow it, so you know what your real options are rather than having a "fake choice" which doesn't really do anything. Maybe you sympathize with some character but end up fighting them and want to spare them. In those situations the player should know if that's a real option or they'll end up with a false promise and disappointment.