Honestly, I really liked the conversation wheel. The point was to keep the dialogue flowing and natural. The idea being, that if you don't require the player to read through EVERY sentence of every option, and then making him decide which one to pick. Instead you pick a feeling or a topic, and Shepard takes it from there. Seeing your character actually participate in the conversation, as opposed to just being talked at, was a nice change. So I liked the new direction they took with the conversations, as opposed to branching dialogue trees full of text.
As much as I loved KOTOR, I always wanted to do more than just select my target. I always wanted to be able to wield that lightsaber myself. While ME lacks any of our favorite Star Wars standards, it was a relief to be able to actually USE the weapons available. The action was fun, the auto-cover system was adequate (and relatively bug-free considering it wasn't tied to any button to use), and the weapons and upgrades where interesting. Granted the squad AI could have used a little more work, but I was more than able to compensate for that with a good eye and reflexes. Granted it wasn't 'Call of Duty 4', but fun all the same.
The MAKO could be a *****, and a lot of the 'explore this world for the sake of exploring it' seemed a little dumb. How in the hell they thought it was a good idea to create terrain with nothing but mountains and cliffs for some of these worlds is beyond me. Constantly driving uphill in the MAKO isn't fun. Still, it was easier with WASD than the controller. Also the load times on the PC weren't bad at all.
But back to the MMO...
I love real-time combat that I actually control. The problem with this and MMO's is the LAG issue. Having large central servers can totally fuck with your connection if you're not close, leaving you at a disadvantage. One of the reason I stopped playing Guild Wars was the fact that I could never get a decent Ping (i.e. below 120). Even though the combat was automated (in so far as your character would keep attacking anything that got close enough), I was tired of lagging out and missing entire parts of the fight. Now imagine if you have complete control, like in the old Jedi Knight games, what kind of problem this would cause. So unless they have some way to fix that, I can't help but believe that they'll stick with the 'real-time-turn-based-combat' that it's famous for.
As for the plot, you've got me there. Now assuming that most everyone can or will be playing a Jedi in this game (as opposed to making it some hard to obtain goal like in Galaxies), they'd have to take that into account. Probably some sort of conflict involving Jedi vs Sith (I can see a new set of Alliance/Horde-esque jokes brewing) in near open warfare. Problem is that everyone should have an equal opportunity to be that 'special' galaxy shaping someone. So yeah, figuring out how to mesh a great storyline into an MMO and still give ALL of the players a hand in the outcome would be a difficult challenge indeed.
Maybe each server is an instanced galaxy, with an emphasis on the outcome of a war. Players can play on all sides of the conflict, pushing their and their faction's agenda. Once one side or the other is victorious, the server starts over from the beginning...
Just thinking out loud...