IMO, combat is highly dependent on the initiative roll, but is generally survivable without too much prep... except for the Githyanki encounter. If you don't prep for that one and get a bad initiative, 2 to 3 of your characters can easily be dead before you have a chance to act at all.
Companions... I am all for complex backstories but there is only one really likable character in the bunch (Wyll, IMO), and of course, he's demon-pacted.