You may not notice the dynamic-world (I hesitate to call it "strategic") elements at first, because you'll be too busy playing it like Diablo. But before you hit the level cap in the demo (level 7, unless the demo has changed), you'll notice that as certain quests expire - new, more critical quests take their place that progress from the previous one. You fail to stop an uprising, and then the next thing you know there's a boss monster amongst the uprising. Fail to stop the boss, and it assembles a posse of boss monsters (which is VERY hard to take down without a few deaths, in my experience at higher levels). Fail to stop THEM, and after a while they'll launch an assault on the city.
Of course, you don't personally have to stop them, as there are other adventuring groups (covenants) that may take care of the job for you. And win the appropriate influence as a result. Which may be a good thing or a bad thing. You can negotiate with them or war with them to try to "encourage" them to participate in such a way that benefits you. And they'll do the same to you.
I thought it was an extremely fresh set of game elements to throw on the otherwise tired Diablo-esque action-RPG sub-genre. It hooked me more than any other RPG this year... mainstream or indie.