I, personally, like the sound of the companion wheel.
Having seen everything outside of DLC that Fallout 3 has to offer, there is one thing that really bugs me, and that is that companions are useless except for Fawkes.
Honestly, every other one of them is too vulnerable and not intelligent enough to keep their health going without constant attention. It's like taking a baby to the battlefield.
I would prefer a companion that thinks for themselves, heals themselves, and just ask for a Stimpack now and then when I have a surplus compared to my Strength stats or my overall Hit Points, and they're running out of their supply. But the companion wheel, in theory, makes tricky and buggy AI programming unnecessary, giving control to me, which is the next best thing.
It's an improvement on Fallout 3's system, no matter how you look at it. It's not the best idea, but if you ask for a large chocolate milkshake and get a small vanilla one instead, it's usually better than getting nothing.
There's no way I'll avoid getting it if I can find it in an ordinary store. I just won't buy DLC, it's as simple as that. After all, the money probably won't be going to Bethesda, who totally alienated me with their sudden "costly DLC becomes free if you wait after the initial release" Game of the Year Edition nonsense.