I just installed this today and gave it a try. I noticed there is an option to enable subtitles in the settings, which was on by default. I thought it odd that there were no subtitles in the cinematics, as someone else here pointed out. That didn't bother me as I'm a native English speaker.

However I was led to believe that this game was fully voice-acted, but yet when Ivo is on the dragon in the very beginning, I was not getting any voice audio, just subtitles. Is this the way it is supposed to be, or is there a problem with my installation? I made sure the voice volume was set to 100%, which was the default.

That's strange I just played it a few minutes ago and had all the speech, at least on the dialogue choices I made anyway, did you download and install the patch too?

Yes, I had it patched. Seems this game has difficulties with certain sound cards and drivers. I added <sounddevice>Generic Software</sounddevice> to the config.xml file and I got voices. More information here in case anybody needs it:

http://forum.kingart-games.com/index.php/topic,14.msg15.html#msg15