Up to chapter 4 now. Performance on the base PS4 is not amazing of course, but it's OK - around Judgment levels I'd say.
Story and characters are great as usual. Some potentially controversial stuff in how it handles certain social issues. Expect Kotaku articles.
Not sure about the combat yet. I'm okay with the switch to turn-based after so many iterations of real-time brawling, and fighting is still very fast-paced, cinematic and satisfying. The problems start when they try to replicate the delightful emergent chaos from the real-time battles by emphasizing random elements you have no control over, like party formation and positioning. It makes things a little too dependent on luck sometimes, at least at this point in the game.
I'm still having lots of fun though. The "Yakuza meets Dragon Quest" concept totally works, and the many ways the game tries to justify it on a narrative level are hilarious.