More detailed impressions after a bit more playtime... but please bear in mind that I am still very, very early into the game.
Overall, I'm liking this well enough. It seems like a pretty good game so far -- not great, not terribly above average, but not bad, either.
Good things:
-graphically this game is very nice. Nice realistic style (aside from anime-style character artwork, which is selmdom seen), very large, open environments.
-fun battle system. It's mostly Final Fantasty-inspired -- they say "real-time" everywhere all over the box and promos so you might be expecting an action RPG, a .hack sort of thing, but it's really just your standard Final Fantasy ATB system. Character gets a turn, selects an action from a menu, all while time is moving an enemies can attack. It's well done, though.
-There's a bit of a PSO vibe in the environments and in the loot. You collect lots of items/weapons/equipment, but the latter two all seem to be level restricted so you can't power up too high too early. I like that.
-I like what I've seen of the magic system so far. Magic is used through a Skies of Arcadia style bar that is shared not only by the entire hero party, but also by the enemy party. The bar's a gauge that builds up whenever you or the enemy makes a successful attack (stronger attack fills the bar faster). Because enemies use the same gauge as you, you have an incentive to be faster and less conservative about using your special abilities because otherwise the enemy will consume all the points.
However, there are some definite, serious flaws with the game, also:
-Control is a bitch. It's not just the camera problems I mentioned before -- control's bad all around. The analog nub is required for movement (d-pad just switches to a first person camera). The menus are laid out very poorly, so it can take way longer than it should to locate an weapon for equipping, or to go into your item list to use a potion outside of battle.
-This is especially problematic because the real-time component, sadly, carries over to outside of battle as well. You can defeat an enemy, go into your menu to heal, and while you're scrolling through it, the enemy you just defeated will regen and attack you again; voila, you're back in battle, unhealed. There's also no pause command, so if you need to stop the game momentarily to scratch an itch or take a drink, you can't go into the menu and you can't pause, so you're obligated to use sleep mode.
-More control issues: You can't just be next to a person/object and press select to talk/examine it. You first need to press square to target the person/object and then press X. Sometimes this means you need to scroll through stuff to find the target you want... rather than walking up and pressing X. It can be a pain. If you're doing a mission and need to give someone an item, you need to press square, target them, then bring up your menu, find the item, and use it.
-Loads. Lots and lots of loads. Expect to see the load screen every time you enter an area, enter a house, etc.
-I haven't seen much of the story yet, but it seems quite generic so far. There's a Blade Dancer who defeated a Dark Lord a thousand years ago before fighting the Dark Lord's Dread Knight; now you've got a young, eager warrior who wants to prove his skills in battle and meanwhile he's having dreams about a mysterious girl. Also, the story takes place in the island of Foo, which is just atrocious naming. Someone should be shot.
-Music is blah overall. Batlte music is decent.
Neutral:
-Item/weapon crafting seems to play a big role in the game. I can't really comment on how this is as I haven't used it yet, but it seems really important. I'll probably find this to be a negative in the end as I usually don't like item crafting -- basically, if it's done tri-Ace style, I won't like it; Atelier Iris style I might like it, but only if it's funny as hell. It's looking more like Star Ocean/tri-Ace style, though.
So that's it so far. Like I said, I'm still in the earliest part of the game, so don't hold me to what I'm saying here. But I like it well enough to this point -- decently good, fairly average RPG.