but there's also something to be said for murdering a dragon and drinking its soul nectars within the first few hours of the game.
..no, not really. It's a [censored] dragon. In ages past they ruled over all mankind, and were only overthrown by the combined efforts of a god turning a handful of dragons against their kin, and several men getting help from those dragons and taking a really long time to learn and become proficient with a new weapon (and even then, they only managed to win out because of an insane hail mary that almost didn't work).
Just one dragon can wipe out a legion. Having some punk show up, and a few hours later take down a dragon, does a grave injustice to the power and threat these creatures are supposed to present. It didn't make me feel bad-ass, it made me feel worthless because they didn't need someone amazingly strong and skilled to kill dragons.
Same with the Companions. You learn their secret during the second mission with them (to which they're not at all concerned that you know, despite the dark and grievous nature of it), and afterward Farkas is singing your praises. I didn't at all feel like I earned their respect... all I did since joining the Companions is play errand boy, beat up a woman because of a dispute, and dive into a crypt and get myself trapped. I, a lowly whelp, didn't have much issue dealing with the undead, so it's unlikely a seasoned warrior such as Farkas would either. It was very out of place to hear him so readily accept me after we got back. It didn't make me feel accomplished, it made them look crazy.
Then they try to induct me into the Circle just a mission or two later, before any of them really know me. That I hadn't been able to express my thoughts on the matter related to me joining just adds to the problem. It didn't make them look like a group with a dark secret that I earned my way into through happenstance and gaining their trust and respect, it made them look carelessly overeager to rope me in. They had no way to know how I would take the offer, or how I would use what they were trying to give me.