I think it does. played both several times with different builds and as a reluctant helper and evil corporate stooge, Spacers choice has unlimited leveling and other stops at 36. Spacers choice has more loot,. other has more enemies.

counterpoint: no, not really. it's linear. you can change difficulty, you can do a no-companions run on the highest difficulty after doing a companions run on a lower difficulty, but the same tasks must be performed each time...

the only replayability here is to play it, then forget you have it for months/years, and come back to it. :-) The whole leveling system is a joke, if not having X up to level Y prevents that option, then there'll be another way to do it. Your only choices are as tolate said, are you for the little guy or the corp? And this only matters in like 3 or 4 places. Most only replay it to get the "opposites" achievements.

It can be a fun game, if you let it. But it's like most every other adventure shooter; no matter how fun, you can only play it so much before you've memorized literally everything and will need to forget to play again. two back-to-back runs for a starting newbie would be impressive, actually!