This game is great, much better than the last 2 Ys games, which weren't bad at all, but I hated the story and characters. This isn't anything special in that regard, but it's at least entertaining. I played for about 8 hours yesterday and in the end didn't want to stop, so that right there is a giant endorsement; I rarely play games for that long in one go anymore.
I have no idea how the Vita version plays, but the PS4 version is silky smooth (for 99% of the time at least) and it just feels incredibly fun to dash around the environments killing all kinds of monsters.
It doesn't reinvent anything and imo isn't quite as good as some of the older titles, but this is by far the best of the modern style Ys games.