So wouldn't it be cool to have your dog walk around you in a town or house... They would have as much importance as the dog in fable 2/3 but would walk around you, like the dogs in Chorrol.
Dogs, wolves, PERHAPS. Fallout 3 was pretty nice here.
Nothing more.
I would personally never have pets with me on my travels. I would be afraid them getting hurt. So if I would have a dog/wolf, it would stay at my home.