The purpose of a dialogue system is to choose what your character is saying. That, I believe, we can all agree on. Therefore, the system which best allows you to do so is the best system. Further, at least in the case of a roleplaying game, the dialogue system must allow you to choose what option is best for your character.
I find seeing the entire line of dialogue to be far superior to a paraphrase, even a paraphrase with icon, for that purpose. I am not good at guessing that the paraphrase is going to turn into, perhaps because I tend to take things at their face value, and that doesn't work for the paraphrases. The icons helped a little bit in DA II as opposed to the Mass Effect games, as at least there was some knowledge of intent, but it still very often wound up with me picking dialogue options I wouldn't have picked if I'd known what it was going to turn into. In effect, at least for me, one is picking based only on the icons because the paraphrases give you no information as to what the character will actually say. Many times it was out of character enough I had to reload. There were many more times that I didn't reload and instead tried to pretend that part of that line just wasn't said, because I hadn't saved recently enough or because there was only a small portion of the line that didn't work. It made me dread having to pick important responses, however, since there was always the chance that they would turn out to be not at all what I thought they would be.
That is why I prefer seeing only the lists of options, and not having them voiced. I will never argue that tone is unimportant. On the contrary, it is extremely important. I spend a fair amount of my time explaining just how important it is, as a director, and making use of that as an actor (and roleplayer, of course). Because it is that important, I prefer to imagine the tone rather than have it chosen for me. I would much rather run the risk of having imagined a tone that the people writing the dialogue didn't to the voice actor reading the line of dialogue in a tone completely inappropriate for my character. The first can be explained away much more readily than the second. People often misunderstand each other, after all; a sarcastic comment can be taken seriously, or a serious comment can be taken as a joke.
In the end, the dialogue system is there to support roleplaying. If it's not doing that, I don't consider it to be working properly to fulfill its function. If I can't figure out what my character is going to say ahead of time, it's rather hard to pick the most in-character response.
The thing with having no voice actor for the PC -- aside from not having to deal with not being able to choose what the character sounds like, which is a problem, but a separate one -- is that you can choose the way they are meaning the line every time, because you don't have it chosen for you by the voice actor. Yes, the response you get from the NPC may differ from what you are expecting, but that happens rather commonly in actual conversation. Trying to say one thing and something entirely different coming out of your mouth doesn't.
Now, if we ever get to the point where you can choose tone (and pitch and vocal quality, ideally) with the voiced PC, that would be awesome. I'm not against having it on principle; I'm against things which hamper and restrict roleplaying, which it currently does. The paraphrasing would remain a problem even if that was the case. Even showing the beginning of the actual line would be a great improvement.
I'm under no illusion that we'll see a return to a voiceless list as the dialogue system, but that is nevertheless my preferred system. I'd love for it to be one option, but again, I'm under no illusion that will happen. Just being able to somehow see exactly what the character will say would help immensely, and even seeing only a small portion of the actual line would be an improvement. Honestly, even "Say something consoling" or "Say something vindictive" would be an improvement for me.
Could just be differences in how we experience the world. Brains just perceiving things differently maybe?
I'm sure that's part of it, a large part even. However, I would say that there is a very direct connection between the perceived tone of a spoken line and the reactions it triggers in others, but sometimes no connection between the intended or actual tone and the perceived tone.