Game is real good. Feels soooooo much like Xenosaga. Just with more gameplay between cutscenes
Only complaints are your AI friends are dumb as bricks, and unfortunately sometimes you actually need them to do stuff so it's either you waiting around hoping they do it or spending your tension gauge (which you should be saving for awesome chain attacks or reviving people) to actual issue direct commands and tell them to do what they are supposed to be doing already if their AI wasn't so dumb. I'm holding out hope that as you get further this becomes less of an issue as you get all the means to handle everything yourself.
And I wish you could run faster since the world is so big when you're not quick traveling.
Otherwise, battle system is like FFXII x .Hack with more depth, world is awesome, and the writing is the best since the renaissance. Lots of great cutscenes. Love the auto-play for non-cinematic cutscenes. Love save anywhere. Love death not being punishing. Music is good, but not great so far.
Graphics will be a point of debate probably for graphics people. The scale and animation are good at the expense of psp-looking characters, textures, and visual quality. I love psp games so personally I think it looks great. Detailed graphics are overrated.