I've never doubted that they'll get the "looks" or "feel" right. Though this still leaves the actual gameplay part completely open.
A conversation that doesn't pause the game....? Like in STALKER, or more recently in Skyrim?
Again there'd be huge amount of possibilities for point'n click gameplay... I've no idea what they have in store; but I immediately thought about opening the dialog options in the left (or right) side of the screen nicely accessible with the cursor (that handles, or can handle all the other commands as well) while letting the game roll and the player to freely move and look about during the dialog (check the closeby trashcan if you must while talking, maybe open the inventory screen to the opposite side and give/show the NPC something, and he'd react, or use an item on him, like make a REF check to quickly shove a chloroform cloth in his face if you have such in your inventory and if you want do that, or a knife in his throat; maybe shoot a pedestrian if you want and getting a proper reaction...) but of course knowng that fucking around for too long or too much and not participating in the conversation, or moving too far or doing something the NPC doesn't like would interrupt it.
I think that'd be cool (and save some money from the cinematics that would not needed anymore - except for perhaps some important events and characters).