Karma is annoying and a dealbreaker for me. I see the reason to rate the player on his actions in a visible way to explain the reactions of npcs towards the character to the player, but it never makes any sense. Why is this action more evil than the other? Is it really a 'good' thing to do that? It's just Black and White, no middle ground, no way of being a somewhat good person who has selfish moments when presented with material gain or being a powerhungry, unemotional person who just once or twice decides to be a good guy, when nobody is watching. Sure you can do that, it just doesn't work. You'll just add or substract points from the scale and in the end, you're either classified as evil or good. Unless moral and karma become way more sophisticated, I don't want to see another Karma meter in any game. And I know Bioware and CD Project are notorious for making sure every action will be of consequence, I hate that just as much.
That's maybe a little more realistic, but I don't want to be presented with (for example) three options on how to solve a situation and all three will later come to bite me in the butt. If I work hard and do everything my character is able to, I should be able to solve things in a good way. I don't like doing everything in a good matter, helping and doing good to see that it was wrong and I'm stupid for ever considering that. I can't really give an example for that now, but it makes me somewhat angry to never have the option to actively do good and change the world for the better, like a hero should be able to. That links into dialogue systems being very clearly segmented and you don't get to see the full sentence anymore so you never know what the few words given to you will turn out to be in full dialogue, but that's another issue.
I personally don't want to see a Karma meter. If they need to, make it like in Metro 2033 and don't blatantly state "you're a nice person" or "you're a dastardly villainious person". Make it subtle. Or don't include karma at all, let the player decide if he wants to take the food out of that peasants house or if he wants to take the taxes from the lord's treasure chamber.