I played most Bioware games and can say that a bunch of well-worded answers to choose from is better than choose from different keywords. You can set the tone of the conversation and know exactly what your character will say, this is really good to define your own character in RPGs. This synergizes well with having no voiced-protagonist, as your answers happen in your head only then.
That being said Mass Effect, for example, generally had a couple of keywords, so the meaning was mostly pretty clear, also you had two Karma levels, that were represented by different colours. THe voiced protagonist, while being decent, did not always hit my expected tone, could be my mistake or his. However there were still situations like: "Disagree." being turned into "[censored] off." Or a provocation that turned the situation hostile.
Now what I saw from the dialogue system in Fallout 4, we usually only have three words maximum to judge what is going to be said. That is ridiculously low, you can not judge the tone of your answers and what is going to be said exactly. Furthermore I found a nice example of another problem. So the Vault-Tec rep is on your door and you ask about Vault-Tec, then your doorbell rings or you are distracted somehow and miss part of the answer. So then there is the option to choose: "Enough space?" Now you do not need to be a rocket scientist to see that you would be asking about the vault size. But of you are new to the series you are missing an important part of the lore and have no clue what these keywords mean. With a dialogue option like "Is there enough room in your vaults for me and my family?" it is quite clear what is meant, as it summarizes the stuff heard before.
Also with less keywords, obviously the amount of times where "No." means "[censored] off." increases greatly.
Another problem is that you do not seem to be able to get back in dialogue, so many options are missing. This is not logical at all, why can you not ask about the Power Armour after you asked about BoS history in DC? As for the example before with the Vault-Tec representant: At first you can ask about Vault-Tec, ask him to tell more, tell him to go away or say Good Morning. So when I am polite and greet him at the door, I do not have time to ask about his company any more? How stupid is that?
And how is it easier to navigate a dialogue wheel with only ever four choices? You have two sticks and a cross to navigate scroll through options, this is just as intuitive. It is, how questionable it is, clearly a design choice because they wanted to get away from the face-to-face dialogue they had since 2002. They wanted it to make more dynamic, more "in-game" and focus on their voiced protagonist (like Shepard in ME). This is what they came up with. They avoid all the "facial animations are bad"-criticism, too if the face is further away from you in dialogue.
Honestly I think it is a huge step back. Bioware can do this because they are masters in giving you a defined character as PC and NPCs. They are also masters in writing conversation. Bethesda however is not, which is okay. Fallout has other things that are outstanding. However, and this hurts the most, the deliberate choice to not go back in dialogue and the cuts after each answer, give way less background about the lore and history, less context to quests, give few cluses about your or NPC's motivation in dialogue. So the lore, their strong point, is being dumbed down by their design choice. This hurts.
Yet we have not seen all that much, so it might take a turn for the better. If not, they might patch themselvers. But do not count on the mod community at all. The first weeks people will develop nvde mods. Also I guess the number of mod-users is quite low comapred to not modded playthroughs.