This is what I think about Lost Odyssey, from what I've seen so far:
In a lot of respects it's FFVIII in HD.
Sakaguchi is taking his FF vision and trying to make it "real" like FFVIII, with more realistic looking characters. I don't think there's anything wrong with the character models, but the animation is clearly not great, and there are issues with camera and potentially issues with frame rate. None of these things are what make an RPG for me though. An RPG is playable if it has good characters, system and story, and this looks like it has potential in all three departments.
The idea of a main character (two, actually) that live for 1000 years, and live through the loss of so many friends, family, etc. is really intriguing to me. I can't wait to see how it's played out. The music has a very serious tone - none of the music played in the Lost Odyssey part of the concert (7 songs) was uplifting or poppy like the Blue Dragon stuff.
Certainly if you're a JRPG fan, I would see no reason to dislike this game specifically, apart from platform, perhaps. Personally, because of the slow and painful death of the Japanese industry over the past few years, I've gotten into a lot more western games, and I can appreciate that the animation and stuff looks a bit cack in comparison to recent western releases, but as a JRPG, it looks fine.
I'm going to write a bit more about the actual event for Blimblim later, but for now that's how I feel about the game itself. I'm looking forward to it lots because of the story and music, basically. I'll probably play through this before Mass Effect anyways.