I don't know where anyone else stands on this particular matter, but for me, I'm not a big fan of it. I always feel like I may have made the wrong choice or did the wrong action resulting in me missing out on certain things in the game, and possibly even great things. I'm not big on replaying entire games so this feature is more of a nuisance than anything. After I chose my option, during the whole mission, quest, etc I feel like maybe I didn't choose the right one. Small decisions with very little consequence don't bother me much, but larger ones really do and I often get the feeling I didn't do something right.
This feature has become very popular with games and I'm basically wondering how you all feel about games where your decisions effect either the overall outcome of a game or just certain things.