If there's one thing I completely disagree with in your review, it's the point about the adventures.
Most choices are just for looks, they don't lead to alternating paths.
I noticed that there were actually no choices 'for looks' - even if the outcome is only getting a +1 to a certain morality, it's hardly a fake choice.
Since the player has to play according to some chosen morality combination (for example to be a righteous believer of the Old Faith), it is also usually very clear which of the real choices to favor.
Definitely not. Three examples: first, Sir Lancelot and Sir Mordred. If you're playing as a tyrant, Mordred is the obvious choice... but he also happens to be the worst hero in the game, even worse than Caradoc, which is a damn achievement. Not only does he have penalties to loyalty and population growth in all fiefdoms, he also gets minus loyalty points if he doesn't own 3 provinces, so it's a lose/lose situation. His only benefit is +military in owned fiefdoms. Now compare him to Lancelot who gives you +loyalty to all knights and provinces. When I played a tyrant and got Mordred, I reloaded and took Lancelot instead, because even though he was goody two shoes, he was a lot superior.
Second, alliance with Saxons and Welsh. To gain an alliance with the Saxons, you only need to confront Caradoc in a text adventure, which can be done either by battle or through a combat skill check. To ally with the Welsh, you need to fight one of the hardest (for its time) battles in the game against a warlock on steroids.
There are also conflicts of interests in some others, which leads to third: Tristan and Iseult. If you're working for Gawain, as let's say tyrant/old faith, you can take Iseult to Gawain and gain +tyrant points, Gawain as a hero and the Green Knight as an enemy, or you can leave her at the Green Knight's citadel, to get +old faith, the Green Knight as a hero and Gawain as an enemy.
The biggest let-down is the shortness and simplicity of these quests.
Again, Gawain and The Green Knight/Tristan and Iseult. I also thought the Seeds of War quest was pretty neat, with very bipolar outcomes and a few turns along the way.