I solidly fall into the "No, but it could be with significant changes." I say this because TW3 nailed both the voiced protagonist and the dialogue-options-not-being-verbatim. It could be good, but BGS didn't execute well on many things with it:
1) Options are too whittled down. They don't need to say exactly what I'm about to say, but they do need to clearly indicate it. TW3 nailed this. I'm sure there was one case where a dialogue options didn't turn out to be what I wanted, but I don't recall it.
2) When choice is an illusion, just get rid of the choice. For example, I think it was a conversation with Nick Valentine where I had to exhaust all dialogue options before moving on (the one where you describe the kidnapping, Kellogg, and your child). Why not remove the prompt and just let the conversation play out?
3) An extension of point 2, if 4 choices are not needed, then just give me fewer options. In fact, in some cases, it's better to put me in a corner and force me to make a decision and live with it - eliminate that "Not sure" option.
4) Persuasions were reverted back to being chance-based. I hate everything about that. It was one of the big changes FNV had over Fo3 and I greatly preferred it. Just give me a flat "you either can say this or not" option. Persuasions are the big lure for Charisma but that SPECIAL means nothing if the mechanic isn't reliable.
5) I miss the perk related dialogue options that New Vegas had in droves and Fo3 had a bit. I think all persuasions should be able to be completed with a high enough charisma, but I think there are times where an alternative means to pass a speech test would make sense and should be implemented. It doesn't have to be every speech test, just those where it really makes sense. For example, with enough enthusiasm and persuasion, you can convince someone that rigging explosives is a good idea. Alternative, if you have the Explosives perk, your in-depth knowledge on the topic would provide a sufficient alternative.
Tl;dr: I don't think the design choice is flawed, just its execution.