So it seems NPC will be fully voiced, but how will talking to them actually work?

Will they spew a big monologue at you like in most MMOs, except voiced rather than textual?
Will there be fully-fledged conversations like in Morrowind?
Will there be simple conversations like in Skyrim?
Will your character have a voice of his own?
Will the dialogues have a cinematic feel to them like in SWTOR?

How do you guys like conversations? One game I remember for how fledged out the dialogues and NPCs were was Ultima VII, but that was a single player game of another era.