I took the plunge yesterday and picked up Dragon Age: Origins. Pretty much everyone else was playing it, and I just couldn't miss out. And I'm really glad I haven't. Even though I've only played a couple hours, the quality of this game has really shown.
I'm playing as a City Elf warrior, and I really liked the origin story. A tale of place and privilege, got to get my hands dirty against an abusive human, very satisfying. The origin stories both provide a good starting point to learn the game and mean a great deal as you go along. You never quite forget your origin, and everyone is always letting you know they know who you are.
Combat is fine, not the most satisfying experience. But it's competent.
The story and characters though is where it's at. I've enjoyed the immense amount of dialog and the number of cut scenes that show the action. Ferelden feels like a lived-in place, and if not quite as dynamic as GTAIV's Liberty City, still feels very much alive. And it certainly draws you back for more.