Yes, and don't look up to many forums about it before finishing it, because you really don't want the plot spoiled for you.
Agreed. If you don't know anything about the story, walk away. Right now. Run. Far away. Until you beat the game. Then come back. We'll (probably) still be here.
As a person, I prefer Light Side- just because I don't see the point in killing people just for the sake of killing people.
However, in line with the above mentioned example, Dark Side has it's own charm. For example:
Spoiler The Matale-Sandral Feud, which you can rig to leave all involved parties dead in a shootout of their own making.