Somewhat, but not to the extent they are doing TOR. For the most part this is basically 8 different complete single player compaigns mixed in with MMO aspects. There is full discussion trees with branching choices like the KOTOR/ME games, each class has unique storyline companion npcs that are fully developed characters as well, completely voiced.
Really right now so far they have pretty much shown off nothing but a single player game so far, as the actual reasons this is a MMO are unknown. All previewed stuff so far has been story/single player focused. It's kind of odd in that respect.
FFXI kind of took your general MMO storyline progression and made it a bit more elaborate with full cutscenes and such.