OK, quick review.
First off, as this is a continuation of the story, yes you will be banging chicks.
There are four sexual encounters total so far. You are just along for the ride for one of them though... that one might have been more interesting if you were allowed to join in at the end, but them's the breaks I guess.
One of the side quests is 'wait for version 2', and of course once you wrap the other two side quests up, you get to wait for version 2.
My only complaint (it's a minor nitpick) is that when you go to visit the characters from previous quests, they talk about wanting to bang you, but of course there's no 'bang her again' option... I had this nitpick in version 2 as well. It might be nice to just casually bang a character or two since you are there, but of course the CG would have to be made for those scenes.
This is just an initial alpha release, so I'm not surprised to see not a lot of content yet (it was still worth the download I think), but I'd love to see a 'casual fuck' option for a character or two in subsequent releases...
Overall, Episode III is off to a good start. Fortunately, the puzzle games allow you to keep trying until you get them right, so that's not so bad.