I really like what's going on. I feel like it's pretty streamlined, but pretty deep as well. I always fancied the positioning aspect of it, although it looks like they took away terrain height as a factor in this one. I love that you can disable moves on the enemy, which can adds a nice element to the system, but also balances it by making they resistant to that spell type. To top it off they added another layer to actually rid the resistance, which, based on his failed attempt in the demo, isn't so cut and dry to do,
I thought it was interesting that they added two more effects on top of toppling. I think this system is going to have a lot of depth to it in terms of big set ups, but that the down side of of the battle system for many, is that you are "forced" to play a certain way to do big damage in the game. I think they are trying to remedy that with the spell stacking as well, but it's just another option of the same *forced* game play style.
Personally I enjoy it and i think it makes for a robust battle system. It rewards you for thinking during the fight, and not just spamming spells until they are dead. It's not grandia, but it's really close IMO.