I've been playing it for a few hours now, and the voices truly SUCK. Not only the acting, but the sound quality. They all seem to be sitting in barrels while talking. Is it a case of bad compression? Even though the game is on 2 GC discs.
Anyway, talk about ruining the atmosphere...but I still have the voices activated (you can de-activate them specifically), since it feels, I dunno, more relaxed to listen to what's being said instead of having to read and read. Remains to be seen how long I can stand it.

The voices really clashes with the music, which truly is beautiful.
The backgrounds are not exactly Resident Evil Remake amazing, but still nice to look at. One drawback with the pre-rendered backgrounds is that all the cutscenes are from the same static zoomed-out angle. No dynamic camera movements or close-ups, which make the cutscenes rather dull and you can rarely make out any details in the characters.
The battle system seemed kind of complicated at first, but isn't that hard to understand after a while...and it's refreshing, although I slightly dislike the fact that it's still a bit luck-based for no good reason really.
Story and characters are average.