I've been playing the game for almost 5 days now. Here is my assessment about the combat:
It sucks.
The reason is what others have pointed out. Unlike the previous Gothics, where timing mattered and you wouldn't just keep clicking your opponents to death, in this one, you CAN do it and they can also do it to you. Mostly because of "stunlocking". This, in combination with the extremely fast attack of the boars AND the fact that they are aggro by default AND the fact that they can see you before you can see them most of the time leads to the boars being uber.
Now, I have found a way to deal with boars:
1. Spend 50 points and get 200 more hitpoints
2. Spend some points and get trained in large weapons, then use a halberd.
The halberd has great reach so given that, and a careful timing of the FIRST attack, I can now handle boars, wolves, snappers etc. In fact, the snapper was a PIECE OF CAKE compared to the previous gothics. As long as I had my trusty halberd and could land the first strike, I could continue left-clicking and beating up the snapper without any chance of retaliation. I was able to clean 4 snappers AT THE SAME TIME doing this. Try going against 4 snappers in leather armor in G2 and see what happens...
Still, if I fail to get the first strike on a boar or wolf, 9 times out of 10 I die, even if I have 400 or more hitponts. All because of the stunlock. So combat is basically totally retarded as of right now. Hopefully they will fix it in a patch, especially since according to some people, combat seemed fine in the previews. Apparently something went wrong between the preview versions and the retail one.
About the starting equipment: it's anything BUT crap. You start with a sword that does more damage than a normal sword (60 vs 50) PLUS it has the orcslaying ability, so it does extra damage to orcs. It's a very good weapon for the starting areas. It just sucks against boars and wolves, due to its low reach. If you don't have enough points for a halberd, try to get a spear.
One last thing: armor currently seems to be botched. Some people say it's outright broken. I've read several reports on this: some claim it does nothing, others claim it does 10% of what the old gothic armor used to do (i.e. a protection value of 10 means damage reduction of 1). Either way, it seems to be very inefficient to say the least.
On the positive side, the game is beautiful to look at, the environments are great and very atmospheric, there are several improvements compared to previous gothics (e.g. you can now AT LAST cook multiple raw meats at the same time. No more clicking 120 times to cook 120 raw meats whohooo) and in general the game looks and feels like gothic. If they can fix the craptacular retardo combat and all the bugs, it will be a fantastic game (for me).
Oh and as for choices and consequences. There aren't as many as I would like and I am not that hard to please on that aspect
but there are some. Besides the trivial cases like "turn the slave over or free him", I ran into an interesting consequence yesterday. I got a quest to get rid of some orc slave guards. I was able to lure the guards one by one outside the camp and kill them. After the first guard died, the others said that "someone has been killing our guards". After the second died, the others said "we think it's you". After the third died, I had to bribe the 4th one to convince him it wasn't me, and after the 4th died, no matter what I did, the remaining guards considered me an enemy (bribing FAILED! TEH HORROR). At which point, the entire town was against me. Ooops.
An evident consequence in retrospect but it was interesting nonetheless.