After watching all four movies, I have to say it's looking interesting. The cover system looks promising, as does the dialogue system. Also, I very much approve of the story-based gameplay. It reminds me of what Turbine tried to do in DDO, only to a greater degree. Basically, it seems Bioware is commited to trying something new.
The art style is not quite what I expected, but the stylized visuals look pretty nice. Some of the animations could use some work, but it's still in Alpha stage so they have plenty of time to sort it out.
My main concern is how all this story-based gameplay will work out in groups, especially larger ones. I can already see people bitching about the dialogue choices made by the other party mambers. If some of the conversations are skippable, someone will inevitably whine about the new player who wants to see it for the first time and is "holding up the group". On the other hand, MMOs have had in-game cutscenes and for the most part players have been accomodating to the new guys who don't want to speed through it.
Overall, this might actually turn out to be worth the money...