I think it's far more accurate if we have like, 3 or 4 different ending. And each of these endings would vary depending of how you solved each major conflict, such as the orlesian civil war, the dalish trying to find a homeland, the mage templar war, etc.
Agreed. Again, I'd like to see them count the number of DA:O endings based on the same rule of thumb, to get an idea.
For Orzammar alone, you had Bhelen/Harrowmont, further elucidated by whether or not you take out all of Bhelen's supporters post-coronation or not. Then you have the Anvil. You also have side quest slides, such as Dagna and your support/lack-thereof of a Dwarven Chantry. Does this mean that Orzammar alone led to over a dozen different endings in DA:O?
If so, then 40 might be actually a small number. Because then you also have the "big" decisions in DA:O, like the Dark Ritual or who took the shot during the US. Not to mention that each Origin technically has it's own ending variation, where a different NPC shows up at the coronation/funeral scene depending on which background you chose. This could lead to dozens, if not over a hundred, different combinations of endings and slides. Making 40 much less varied than DA:O (but still more diverse than DA2 or even ME3).
So it comes back to the definition of what an ending is and how accurate the claims are that they aren't just "slight" differences.