Thanks for the link to the older thread, very interesting reading indeed.
In both this thread and the linked one, a much discussed topic is the player's possibility and need to reload. But you cannot remove save/load entirely as long as there is a possibility of fatal failure, death, game over. And I cannot think of a playable RPG in which such a fatal failure wasn't possible.
It seems there is a very fine balance between entertainment and challenge. By presenting every non-fatal outcome of player's action as a good way to continue removes a great deal of the challenge, but making a success the only rewarding outcome lessens entertainment in favor of effectivity of gameplay.
On the other hand, the above paragraph is true only in terms of the gameplay we are used to. More or less every game comes with one (or several - if its story branches somehow) "right" ways to go through, with some margin for error and failure. But what we are discussing now is a hypothetical game in which the right way to get through would be the way the player wanted. Not because the game expects him to do so, but because he would like things to happen in that way.
There were a few games that did this, but only occasionally - as some kind of bonus, not by design.
For instance, in my opinion many (if not most) players of BG or BG2 who are classified by the game as "lawful good" are in fact "lawful evil" - doing good deeds, because they expect the game to reward them for it, they expect it to be an optimal way to play.
In our hypothetical game, the right way to play would be the one the player chooses, no matter how often he needs to reload.
You want to be a tough guy? Then some diplomatic failure here and there can be good - now you can kick their butts! Want to play a cheap ass? Then you won't mind a lost battle, as long as you manage to live through it - but you may want to reload when you fail to steal some money from a rich merchant. Or you can cope with anything your actions result in, reloading only in a case of a fatal failure.
Plot twists could be also achieved like this. Only the failure to accomplish a quest could reveal its true nature, in the end making you happy that you failed. Through the death of an ally you could get even stronger ally, who wants to avenge his/her dead friend (remember, you are not responsible for his death, just failed to prevent it).