I got the game today and put in about 4-5 hours (Just got Lymle). Here's some first impressions:
+ As everyone has said, combat is a lot of fun. There's a lot to figure out at first, but it's all pretty simple. The difficulty (playing on Galaxy) isn't terrible, but it's enough of a constant challenge that I'm always in need of healing items and hoping I don't die before a save point (haven't died YET, I just often feel like I'm about to). The battle trophies are daunting, but it does give me goals to aim for and a reason not to just stick with using the same character throughout, and I like that.
+Areas are HUGE and there feels like a lot to explore. Between the treasure hiding out (which you get EXP just for finding, woot woot) and the mineral points, it's worth scoping out everything, even if there are a lot of dead ends where you were hoping a treasure chest might be lurking. The mineral/harvest points remind me of The Last Remnant somewhat and it's a device I liked in both games.
+ Graphics are nice for the most part. The worlds are expansive and beautiful. The interiors aren't so great (Too many conflicting textures maybe?). The character animation is good for the most part, except sometimes they look like living china dolls or something like that.
+I happen to like the music. Nothing outstanding, but certain areas do stand out. I was just replaying Lost Odyssey and this music certainly doesn't compare to that, but it's still good.
+ Some of the fastest load times in an RPG that I've played in quite some time.
+/- The story and characters are a mixed bag. The overall consensus is that they're not great (mediocre at best) and so I think this might be a case where I set my standards so low in this department that I'm somewhat pleasantly surprised. The characters aren't as annoying as I was expecting (in fact they're all pretty enjoyable...even the little girl I just got is kind of cute, though that may wear off), the dialogue isn't great, but not as cheesy as I'd been hearing, and the cutscenes can be awkward (cutting from scene to scene is always abrupt). But all in all I'm enjoying the ride so far and the pacing is definitely faster than SO3..which is a good thing.
- The menu interface for me is a bit hard to read. Maybe it's my TV (I do have an SDTV), but the words get kind of lost against the background. I got used to it pretty fast, so not a big deal.
- The camera. I don't like it. The first hour I was thinking I couldn't stand it. But then somewhere along the way I got used to it and it stopped bothering me. In the open areas it's hardly a problem, but I do still find it bugging me a little bit in smaller spaces (like the interior of ships and such)
Voice acting isn't good, but it's not bad. So it's just kind of there.
Overall I'm enjoying it so far and the fun factor seems to just keep ramping up the further I get in, which is a good sign.