I like paraphrasing for the same reason I dislike subtitles: I hate repetition. If I've already read the dialog, I'm more likely to just skip the VO even if the VO makes the experience more engaging.
To me, it is definitely unsatisfying to know exactly what I'm going to say. If they are going to give us cinematic dialogue, I want to experience it cinematically.
I like subtitles (preferably bigger ones than many games offer by default these days, I don't have room for big americans' tv) because my hearing is just little bit off. So I can't compare paraphrasing to subs. Other is nice, other useful.
Even after reading the text, having voice acting is still worth it in cinematic scene. Inquisition and ME3 had some conversations where the feel of interaction (eye contact mostly) didn't quite come over to player due eavesdrop camera, which made me hope these dialogues would've been text only. (In Persona 3 and 4 only certain dialogue was fully voiced. No one seems to mind...) However cinematic conversations in Bioware games feel like luxury, even. I don't remember anything to complain about in ME 1 and 2 in this regard, since everything felt always captivating.
In previous games paragon had more passionate and kind tone, renegade was more like yelling and sometimes sarcastic and neutral...didn't have a particular tone. I'm sure paragon knows the meaning of sarcasm and renegade can control his anger. Paragon/Renegade are just not enough. And we still don't know what Paragon and Renegade actually mean. "Idealistic vs. practical? Merciful vs. Ruthless? Cunning vs. brutal? Doormat vs. leader? Sensible vs. sociopathic moron? You can find examples of all of these in the game." (by Shamus Young)
But most importantly, they need to make our PC smart for once. It was really difficult for me to play as dumb Shepard (naive paragon dumb, indecisive neutral dumb or biased/lunatic renegade dumb). If our character is having an argument we need to be able to have dialogue options that follow logic. If we're having a tough call, we need the option to make the most obvious and safest choice (or at least an explanation of why we can't make this choice). All the dumb lines ("I thought asari needed another species to reproduce") should be left in 'Investigate' section only so the player can better undestand what NPC is talking about but no dumb lines in actual right side of the dialogue wheel.
I like sensitive protagonists who care (stakes get bigger, and it's up my alley), so paragon was my choice. Though the naivete got on my nerves too sometimes. Shepard outright pushed the responsibility on the villains, and I wouldn't had minded if that would had sometimes led into betrayals. (I don't like hardened nor openly reluctant protagonists, but I like internally broken ones.) However if paragon would had been a goodguy who loses temper when facing villainy, while renegade would've been always smooth and manipulative, who rather stabs backs than attacks brutally, I wonder if I would had played as renegade instead. Scheming against krogans in ME3 (for greater good=Mordin) was my highlight moment.
Anyway, the argument about paragon being order and renegade chaos hardly holds up since it's been way too arguable and unclear. (It is possible that my view on renegade Shepard is narrow since I saw that option so little, after learning to avoid it. Always seemed too jerk. Unless if you count in that lying to krogans part.)
Shepard being silly character grew on me, so I didn't mind if he came off somehow "dumb". Though I don't mind uninformed character, that on its own never means they're stupid. In many cases the info dump conversations are a bit meta anyway, same way as someone advising you to press certain button to access inventory. Not that I would mind smart protagonist. (Main reason I'd like a salarian protagonist is that the smarts would be the selling point.)
One of the good things about paragon/renegade system was making dialogue wheel's paraphrases predictable, helping that nice flow during conversations. (Biggest/only problem for me being that you had to drop the roleplaying at times to avoid ninjamances or to collect para/rene points. Meh.) Still, to be honest I would like to see something new instead of return of para/rene. I like the moments when you have to stop and think when the options aren't clearly good vs bad.
Never had any problem with the wheel. I always knew that if I picked the upper option I was going to give a nice answer, the central one was for neutral reaction and the lower one was for using a harsh/nasty tone.
They went even further in DA:I with the personality icons (they began to use them in DA2 tho) and it's enough for me. I don't need to know the exact words that my PC is going to say but just what kind of answer every option triggers.
I'd root for personality and escpecially mood icons over binary morality choices. though hoping you won't get stuck with one personality in case you want to grow or change your mind during the story, or just be complex. If there would be reputations points, protagonist could always complain in the end about how people can't see the full picture of them.
But anyway, I guess I go with the Team Paraphrase. Not a dealbreaker (few things are, it's up to you to learn to play the games you want to play), but it has worked for me in previous games really well, for most parts.