More info from the developers:
Mary Kirby says this in answering a question about party approval:
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There's still approval. But now instead of only getting content and combat bonuses based on positive approval, you can either build a rapport or an antagonistic relationship with your companions. Negative approval means they want to show you up, or see you fall on your sorry behind, but they still stick around.
There are way fewer gifts, and the gifts are follower-specific. (No more giving dog bones to everyone to boost approval.)
And followers can still turn on you or abandon you, regardless of how much they like you, based on your actions. (Like Leliana and Wynne at the Urn.)
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And then later she says this ansswering yet another question:
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Lord Gremlin wrote...
Awww, but everybody likes good bones with a handful of meat attached to them!
Actually, I think there will be a DLC which will allow you to buy infinite universal gifts. Am I wrong?
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Mary's answer is this:
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Probably not? Gifts trigger specific dialogues now. So you give your companion that "I'm with stupid" T-shirt and they ask you what in the Maker's name you were thinking when you bought it.
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I'm beginning to look cautiosly forward to this game now...