In single-player, you'll be able to change the skin and hair colour for your main character, and there is the possibility of changing their race. In multiplayer, you'll also be able to change their team colour and species. You can invent all your own team, but only in multiplayer. Tactics will still have that brilliant classless system. Unfortunately, morale won't be included.
Morale is a tricky one.
In Total War, you've got lots of characters, but we've got a max of six in a squad. I'm kind of against taking control of characters away from the player. The gambling and outdoorsman skills have been removed. You can, in fact - must, tag two different skills. I can't really see a reason for both of them to be included.