I forgot to post last night, but I finally got my copy yesterday, and played for a good 2 hours.
Impressions so far:
Graphics: Amazing. I know some crazies were saying the game looks blurry and jaggy, but it's looking stunning on my 40" Samsung. It's a 720p set, so maybe that's why, since the game is native 720. The environments are beautiful, and that world map: (O_O) stunning.
Sound: Both the English voice acting, and the soundtrack are excellent. The other little sound effects here and there are equally charming. It definitely feels like a Level 5 game to me.
Combat: Satisfying and fun. It's a nice mix of simplicity and depth, with a solid challenge level so far. I'm playing on Normal difficulty. I've only gotten my first familiar and set of magic spells.
Story: Charming. About what I expect from Studio Ghibli and Level 5. The story is simple, and me and my wife are enjoying it so far. It even managed to get some genuine laughs out of us. Oliver is really likeable, and Mr. Drippy is a surprisingly likeable sidekick. It has a very Disney-esque simplicity to it all that's really nice to see. It's not overly dramatic, but it's not overly childish either. It's a nice balance.
Gripes: So far, not many. The camera can be a pain sometimes, getting hung up on things, but other than that, not too much. I'm still too early right now.
Overall: This game is whimsical, charming, and fun to play. I've been dying for an HD console, traditional JRPG, and this one is hitting all the right notes for now. I'm currently playing right now, so I'll report back in after I've logged a lot more hours into it.