The TOR team today revealed the Flashpoints, the MMO's story-based dungeon system. The Flashpoint takes you and a team through elite instances accomplishing missions and making dialogue choices that will affect how the instance plays out. Trailer and more info after the break.
The new trailer features a team of four Republic operatives infiltrating a secretive Sith prison in order to rescue a highly valuable Jedi Knight. On their adventures, the four groupmates, each of a unique class, of course, push further into the prison before coming across a hologram which basks in their imminent demise. This video doesn't reveal much new information, in fact Mon Calamari are still waiting to warn you of traps after they've been sprung.
In short, if you've played an MMO, then you've come across something very similar to this. However, the dialogue choices and tactical decisions add a very nice touch to the idea. Of course, Bioware has allowed combat to be shaped (or avoided) by talking for a long time, but to see this in an MMO environment is a nice touch, especially as, based on the trailer, one player could have the option to instigate or deescalate the situation for the entire team.
In addition, Bioware unveiled five flashpoints that will be available at varying levels for either side. You can find more information on the upcoming flashpoints and the system in general here.