Originally Posted by Cleril
Current release choice effects (ones that you'll see in this release already):
Winning/losing at tag alters dialogue and may alter your view on a "remembering childhood" sidequest involving your party members.
Giving a Book to X will make sure they don't expose you to the town guard and get you kicked out of the town permanently! And yes, the town will change later in the game based on other choices not in the current release so not being let back into the town does cut you out of later content.
Choices you make that you won't see the effects of in this release but will in exactly the next release (which the game still won't be done at that):
A hobo's life is in your hands and he'll either die, be put in an Arena (part of the main quest), or pay off his debt (in two different ways from your actions).
A few other NPC's lives are in your hands without you even knowing it (the game doesn't tell you they're going to die and/or that what you do, if you do anything at all, affects their lives).