This game does have the depth and detail of DnD combat, IMO. The spells may be fewer in number, but that doesn't mean much. DnD has a lot of duplicate spells, this game does not. It's a system designed for a CRPG, too, which helps.
It does feel a bit like 'what NWN2 should have been'. If you loved BG2, and kinda liked NWN2 even though you were dissapointed with it, then you will love this game.
The rapid out of combat regen is a good thing, because the game is balanced around it. NWN2 was not properly balanced for the rest system they had implemented.
The choice and consequence is well done, I think. There have been a few that I've really struggled with. The 'evil' choices aren't so much evil as... expidient, I guess. Do you take a risk that could result in disaster? Well, the other option is to do something pretty awful that I cringed at doing. These are the kinds of choices you will face, and it's not really clear-cut which is the 'good' option. The game engages your emotions effectively, and that just makes the choices all the more meaningful.
I do find I need to stop playing to 'take a breath', so to speak, every now and again. I haven't felt this... involved in a gaming experience since Bioshock.