I'm not much of a hypertext scholar, but I came across a video game that, to me, very much reminded me of the hypertext fiction from Eastgate Systems. It's "Indigo Prophecy" --I've only played the PlayStation demo--but basically a story unfolds and at various points you are asked to make decisions that determine the course of the story. You can go back and see how things would have been different with alternative choices, and you can switch between characters and explore the choices from those perspectives, too.
There's a PC-only demo at the product's website, as well as the usual information and screen shots. Quite intriguing. This just might be the game that gets me back into my neglected PS2.