I like it, but not when more than one person is talking to you at the same time or when your in a conversation and you can hear someone else's conversation going at the same time.

Also if an enemy attacks during a conversation, if you defeat the enemies, that NPC should acknowledge the interruption and get back to what they were talking about. Like 'whoa, that was a close call! You're like a brain surgeon with that shotty! Take two of these and lay down forever! Ha ha ha! Now where was I?' And then a response prompt would pop up for you to select or something along those lines.

I like it because it makes sense to me that time would still pass and people would go about their business while I'm talking to an NPC. I've honestly never had an issue with something being messed up because of it.

I'm glad they added that (if you get jumped in a conversation you should have cleared the area before you started talking)

Pretty much this. I'm fine with the idea, but so far I'm not sold on the execution.

^ This. This would be an elegant solution to the problem of being interrupted in a conversation. If you CHOOSE to leave the conversation (for whatever reason, including an NPC accidentally bumping you out of 'range') then the NPC should note that, but then allow you to get all the dialog again: "Oh, you're back! Yah, I was just saying---"

Which would require them to recognize that they did not "finish" their dialog (which I guess is only possible if YOU would have had a chance to respond, and did not).

I don't mind either way, the only thing I don't want is timed windows to pick lines.

I want everything to be real-time, honestly. From an RP standpoint, I like pacing myself so that my journey through the main quest feels more picaresque, as opposed to me crushing the Enclave within a month of me escaping the vault. For me, it creates a stronger narrative when I can finish a quest at sundown and spend the rest of the evening just conversing with townspeople or playing video-games on my Pipboy until I eventually go to bed at like 10pm. In Skyrim I would try to limit myself to one dungeon crawl/quest per day, and fill out a ton of time just doing radiant work tasks like chopping wood (oh, the wood I would chop), mining ore, and crafting.

Fallout 4 looks like it will offer a lot of slice-of-life stuff just in settlement building alone, but I hope we can give our player character a day job. Bethesda's been getting better at letting us play more as schmuck NPCs than as questing heroes, methinks.