Yes, your choices dictate your next set of stories, but those stories don't do anything beyond that mission choice. I blew a lot of effort into rescuing my sister as a human, which was one of my character creation choices, and it literally achieved nothing- I spoke two lines to her when I found her, then she was never seen or heard of again. I just went onto the next story step as I would have done no matter what my choice was. (This was at least more meaningful than my choice of God I was blessed by, which did literally bugger all) There's no growth, there's no persistence- in short, no actual effect in any choice you make. You might as well have just had a 'pick your next mission' tree. That's not genuine consequence of choice. Your race you helped makes a barely discernible impact on anything. You end up at the same place doing the same things with the same people. No-one is dead or alive, nowhere is destroyed or saved, no relationships are any different based on anything you do. They said the personal storyline would be the place where what you do has consequences- and it doesn't. Your home instance never changes, and very soon you abandon it forever. It's all meaningless, and most of the missions aren't actually very good. And this is before we get onto the appalling mess that is Trahearne, and the inexplicable idiocy of forcing the last 'personal' story step to be a 5-man Dungeon run.
About the only choice which does have a lingering effect is your choice of Order, but that is quickly forgotten too and in the end just gives you an armour choice (that you will probably not want) and a level of convenience in getting to Orr, which is arbitrary. That's a huge disappointment, as I thought the Order you joined would make a significant difference in how you were going to take on Zhaitan.