I'm fairly cynical myself, and prone to pessimism. So I've set my expectations low on this one.
All I'm hoping for is that when ambulation arrives - if it does in my lifetime - it will offer some neat tricks. Negotiations between wardec parties will suddenly have a more personal feel to them. Meetings with friends will be more impressive (no offense to RP channels, I don't think this will be the death of them). And, without a doubt, more important than any other factor, I'd like to be able to buy Senn some nice clothes and dress him up like my outer-space doll, and giggle to myself girlishly.
Yes, it's most likely a gimmick, and yes, CCP will probably catch a lot of flak for adding new stuff instead of fixing old stuff.
We will be on the eve of experiencing all the same problems with WoW's RP community.
You will eventually witness a text depiction of a Brutor and his lithe Gallentean lover loosing the animalistic passions that a lonely life in space brings on.
However, what I've come to love about EVE is that it's viewed through a prism, not a looking glass. The dimensions of player interaction, if you think about it, are astonishingly complex at times. This will offer just one more lens through which you can view your character, those of other players, and interact in a realistic setting while you argue terms of shipping expense, discuss politics in heated debate, or catch up with an old friend.
Furthermore, I know CCP will probably add a "go to dock" button to avoid players bitching too much, but I do have this fantasy in my head about someone receiving notification of an attack on their home system and having to book it through a station at full speed to reach their ship in time.