While it does have a great deal of role-playing mechanics, it's categorization as an actual RPG is up for debate.
Level up - check
Skills - check
Exploration - check
Effect on the world - no check
To quote (and agree):"65 hours into this game, finished on Institute playthru and going back now as another faction. I have noticed that in almost every dialogue choice, what I choose doesn't matter. Either I say no, and the quest is halted, or I say yes in 3 or 4 different ways. No matter how I say it -- sarcastically, genuinely, etc., end result is the same: I go running off to do the questgiver's bidding. I have yet to find meaningful choices outside of the faction-divergence choice. Small side quest choices have no lasting impact other than a few random NPC commentary as I run by. They all wrap up nicely into a little compartment when they're finished."