Well guys, I've completed
Xanadu Next (at around ~20 hours, but I took my time.)
In short, the game is just
really, really good. It's simply a blast to play and gives you this "I'll just play another 10 minutes to finish this... (2 hours later)" feeling.
As others said before, closest to describe it is probably a more RPG-heavy Ys game with combat that emphasizes positioning.
It has an interconnected world and level design that kind of reminds me a bit of Dark Souls, where you have your hub area and when you go out adventuring you unlock shortcuts that connect back to it.
You also find new items that give you new abilities for exploration and finding secrets periodically, not unlike a metroidvania.
And it's pretty challenging and has some great bosses.
Story is actually very good as well. The story starts seemingly perfunctory, just as a means to get you to explore the island the game is set on. But as you find ancient texts in the ruins a lot of backstory is revealed, and the 'present day' plot is also unfolding more and more, all of which builds up to and ties together into an amazing conclusion.
So yeah, go buy it already