Short answer: yes.
Long answer: yeeeeeeeeeeeeeeeeeeeeeeeeeeeesssssssssssssssssssss.
Okay, the real long answer:
It's basically like watching a movie, but having one foot inside the movie itself. You get the feeling that you are the character you're controlling, and that your actions matter. There are some major decisions that affect the way the ending of the story plays out, but there's also a lot of minor things here and there that just add the feeling of interactivity without making a real difference. For example, there's a scene where you're talking with a woman who you just saved from a suicide attempt. During that conversation, while you're talking you can pace around the room, or lean against a wall, or sit on the bed right beside her. I thought things like that were a neat little addition to the gameplay.
Aside from that though, there's some really intense sections (yes, with Quick Time Events) that left me with my heart racing, feeling out of breath afterwards. It really grabs you like that.
And about the dreaded Quick Time Events - this game does them better than any other game. It's the horrible way in which most other games incorporate QTE that gives it a bad reputation. This game shows how it's supposed to be done.