Bobby Stein is the Lead Writer for Guild Wars 2, and he had some fascinating things to say about how all of this will be presented. In short, the goal will be to let you experience the story for yourself rather than just telling you about it through white text on a black box.
How will they accomplish this? Well, again, it's all in the details. Specifically, the audio details. The GW2 dev team seems to be bypassing text almost entirely, and jumping straight to audio. A lot of audio. "We're voicing the equivalent of more than 60 feature-length films," says Bobby, and that's only the beginning.
Ambient sound will provide a rich background -- voices of passers-by, chirping crickets, gold changing hands in the market, just as you would hear a variety of sound as you walk around in real life, you'll hear it in Guild Wars 2. Pay close attention to what you're hearing as you move around, too. The people around you will often give you the chance to participate in an adventure, buy some useful items, or explore a new area.
A lot of players might think that this has the potential to get pretty irritating pretty quickly, and Bobby addressed some of those concerns. For starters, if you are one of those few who still have concerns about battle quips, he reiterated something that the devs have said quite a few times: it's not constant, you can shut them off, and there's even a sound throttling system to keep it from getting annoying.
What about the dialogue itself? It's a fantasy setting, will everyone be "good sir"-ing all over the place? Bobby says not to worry, you won't be trapped in ren-faire:"Events in Guild Wars 2 take place about 250 years after the original series. To match the new setting, we're cutting back on the stereotypical ye olde English speak..."
This all sounds great, but if you'd feel better if you could just hear it for yourself, you're going to love the final feature of this new blog post: audio clips. The post features two clips: one an amusing and brief look at the aforementioned ye olde English speak, and the other a dialogue read in the streets of Divinity's Reach. They both provide a wonderful glimpse into Tyria, and promise to get even better once Jeremy Soule works his magic in the background.
You can hear them firsthand and read the full post on ArenaNet's blog.