It's alright, good for a playthrough or two. I thought the story was terrible though. The characters hardly felt like characters, I barely knew half of their names by the end of the game. There were too many. Everything felt so disjointed, like the game was just picking random scenes from here and there, not even trying to come up with a continuous narrative. Hell, I remember one chapter starting with a massive twist that felt so out of place it was hilarious. One scene, the characters are chatting away in a classroom, fade to black, "chapter 9" and then BAM fucking satan rises and everyone's dead (not actually what happened, but comparable in abruptness)
Play it for the gameplay, not for the story. If you end up liking the story, even better!
e: I played the PSP version with a fan translation though, some of the problems I had with the story could be due to that. Here's a far more glowing (and longer) review to balance mine
http://www.novacrystallis.com/2012/08/final-fantasy-type-0-import-review/