Ultimately the only choices that matter are
Gender - will determine who you romance, if your so inclined, i say romance i mean what sex scene you get.
Did you or did you not complete a specific set of side quests - determines what endings there are open to you.
There is variations in dialogue, certain ways to express said dialogue and many ways to approach a mission which can result in ultimately the same result but can vary and will not impact much if anything, case in point punch or dont punch fingers? Punch he stays as is, dont he has a ripper inventory.
Dialogues fairly useless apart from forwarding the questlines to there conclusion regardless what anyone thinks, case in point Judy, it doesn't matter what i say to her or how i say it aslong as i do her missions i can always "romance" her and i can always do her missions even after i've said no, all you got to do is phone an say i changed my mind and everythings back to the scripted outcome.
There is supply differences as i said and thats what keeps me playing, things like the fingers outcome or in judys case mission specific approaches/dialogues that will slightly tweak a scene etc but as i also said ultimately nothing matters apart from doing the quests, however you want to do them, that are relevant to unlocking the end you prefer.
It's a bleak picture i paint and i apologise because what i said doesnt make it a bad game, buggy sure, frustrating definitely, bad? No
Ultimately it's pretty linear with just check boxes for your flavoured end but that doesn't take into account some of the writing, the voice acting, the characters, relationships, builds, and yes the life path dialogue options that dont matter but still provide something different in the moment.
I seem to pick on Judy in this post and its no my intention, she just happens to be a great example of how nothing V does matters but she also provides a great example of how everything V does does matter.
"Roleplaying" in this game is easy, not the best, but certainly alot more on offer than anything W3 had in terms of customization, build diversity and character interaction. As i said earlier the story's pretty linear with little to no cause and effect outside check boxes but i dont look at it like that, i look at it like a path, a journey if you like, and even though ultimately every V does a heist and gets a ticking time bomb stuck in there head its the interactions, the dialogue, relationships they build, each different from the last that make each journey (although the same) different.
You can approach judys "story" from different angles, have different dialogue and completely shut her down, same with panam and its upto you.
You can look at everything as a check box or you can try look at each playthrough with different eyes and a different approach, im a corpo guy i dont trust these nomads but i need them to get this one guy so i'll use them, then when panam phones to ask for help you say no, simple. It's upto you how to play noones telling you you have to do it, does it lock you out the nomad end? Yes but thats the consequence of how you played, every approch doesnt lead to rainbows and unicorns nor should it, each and every ending plays into a theme, want to be a legend? There you go but theres a price, want to suck corp dick? There you go and there your price, waht to be free with family and friends? There you go but theres a price, had enough? Boom gotcha
All consequences of your actions and the game provides enough subtle differences in dialogue, scenes, approach to mission to make every character different.
I've finished this game with judy dumping my ass, crying herself to sleep over my death, cursing me and being head over heels in love with me
I've finished with panam threatening to hunt johnny tio the ends of the earth and strangle him, Johnny being a completely transformed person to johnny still being a dick.
Some of the "endings" to my choices
Ultimately what you do doesn't matter because you'll get there but ultimately everything you do matters to you and the ppl you encounter, it's just upto you, the player how you approch it and do it