There's a lot of it even if it's cosmetic. But I don't think anything else to be expected. What did you expect, a whole different dialogue tree with every companion based on choices in previous game? That's impossible from resource stand point.
If they hyped it, the shouldn't have, because any game that tried doing something similar ended up with same cosmetic stuff.
I expected it to be that way.
Still, it doesn't change the fact that they went for poor flavour.
Take the main quest for instance. It's relatively disjointed from the world narratively (unfortunately), and was the perfect opportunity to put reactivity there, while remaining free to simply give the player some nods in the rest of the game.
Main quest concerns all gods, it shouldn't have been hard to offer different sequences (which bring you to the same point either way, if you really want it to be flavour only) telling a different story depending on your choice in the first game.
I wouldn't be surprised if they revealed at some point that this was their initial intention, but for some reason (VO could be one), they decided to make it a unique and same story for all.
Think about it : the main quest as it is, is a typical go there, then go there, then go there quest. It would have costed (well, VO aside) nothing to simply change the divine interlocutor depending on your choices in the first game. Strengthen Woedica, and turn every "god moment" into a discussion with her with all the other gods obsequiously nodding to everything she says. Betray a god, and have him get extra mad at you during these sequences.
This is just flavour too, but in a more compelling form I guess.
Woedica being empowered should change these interactions between the gods a great deal.
I think they're just not making a good use of the main strength of the CYOA sequence for the main quest. The point is that you can setup any kind of situation without having to spend ressources to actually put it 3D in the game. It was the perfect occasion to go wild on reactivity flavour, but they didn't.
As I said, VO could be the reason. But that would imply that full VO was decided relatively early (could be the case), because then, it'd make it extra expensive.
Empowering Woedica should be some grand event, though. Not only that, but you are essentially her champion now, so where are my consequences, Obsidian? I didn't drown the Dyrwood in blood just for a pat on the back. Also, why aren't the other gods mad at me? Wasn't the entire point of their blessing for me to stop the empowerment of Woedica? Very lame, Obsidian, very lame.
This, yeah. Even if it only concerns the gods meeting CYOA sequences. It's blatantly lacking.
Skaen says something like
you'll be her favored, and believe me it comes with great perks hehe or something. Meh.