Fenixp: There's no such thing as "dump stats" in Pillars of Eternity. If you want a Cipher focusing on perception and resolve, you can do that. In fact, with these stats, your cipher will be resilient and accurate, so you can even use the class as a front-line damage dealer (ideally with 2 hander I guess) which'll generate focus insanely fast, leading to being able to cast powerful spells quickly - however, due to lower INT and MIG, these spells will be less powerful.
With that in mind, there's a ton of checks against INT trough the game, and quite a few MIG ones as well. So just pick your poison.
I've gone with a Cipher with high intelligence and resolve: 14 might, 18 int, 16 resolve, 10 the rest. High dex was recommended, but I ignored that for resolve. I want to check out more dialogue options. Heard sabres were good for ciphers, maybe dual wielding. Sounds like that's a suicide wish, so I'm thinking about using a shield as well. Won't they be unnecessarily squishy and knock-out-able if dual-wielding?
Only level 2 so can go many ways with him, and I intend to make him a bit more badass than in the first time through the game, where I usually try to play the benevolent nice guy that I am (or try to be) in real life. Grimnir Fenrirtooth can't go around helping old ladies over the street :D
Fenixp: Weapons and armor matter massively, there just aren't any overpowered pieces like there were in old IE engine games. Pillars only offers very limited linear progression for its weapons (in other words, finding weapons which'll be more powerful than other weapons), but it offers and insane amount of damage types, secondary effects, procs etc., many of them key elements for certain builds. What I hated about IE games and their inherent lack of balance was the fact that equipment dictated which builds do I use. In Pillars, it's my builds dictate which equipment I'll end up with. Generally speaking, the more you understand underlying mechanics, the more you'll enjoy the game.
They certainly matter, don't get me wrong, but they also left me pretty underwhelmed throughout. I'm used to finding increasingly better weapons and armour while exploring and killing stuff, and we did, but not much to write home about. You have a good point that some of the gear in BG was perhaps overpowered, and it's kind of hard to ignore them when playing. But this game also has a 1-100 dice so e.g. +4 "to hit" with exceptional over fine is pretty weak, extra damage aside. It's not like we need +X weapons to hit stuff either.
Naturally secondary effects can change things a fair bit, like the Bow I used with some type of Touch spell. That said, I spent 150 hours on my first playthrough, spent much time going over various items and comparing, and a lot of it, even the unique fancy stuff, simply felt like "meh".
Fenixp: Actually, sort of hard counters were introduced by immunities sometime in version 2.02. As for status effects that don't really matter - ignoring the Terrified aura around dragons is one of the main reasons why do people have such a hard time with them.
I'm glad some kind of hard counters were introduced, but it's still pretty easy to just ignore most effects. Yes, it means you are more easily hit or it's more difficult to hit them and so forth, but it doesn't tend to be a life and death situation either. The most dangerous thing is probably charmed/confused party members. I didn't have to worry about instant death spells or anything like that. But as I said, this design also means that people don't have to pre-buff before most encounters, like in BG, so there are positives with it too. It wasn't great fun to spend more time pre-buffing and timing longevity of spells than the fight itself :D
Thinking out loud basically, trying to put my fingers on what didn't "work" for this game. All I know is that it wasn't as grand or great an experience as Baldur's Gate was -- and I played that first time well into my adult years, so it's not like I have too rose-tinted glasses from when I was 13 or whatever.