There was quite a bit of dialog in the demo version I got to play at Gen Con today, and the humor was certainly in effect. It ranged from puerile (the bard boasting about the size of his "sword"), to bitingly clever (the disembodied, omniscient narrator commenting on the absurdity of a dead wolf dropping a bunch of adventuring equipment).

It was well-delivered on both ends of the spectrum, and given what I saw today, in no short supply. Much of the humor seems to focus on game elements that we all take for granted, in RPGs -- stuff like the gear-dropping wolves. When pointed out in this manner, one quickly realizes how ridiculous these conventions are. Not to mention hilarious. If the game can keep pace with what I saw today, it should turn out pretty hysterical.