I don't usually review games so soon after release, as I don't think anyone can give an accurate representation of the product until they have at least completed half the game. The time I have put in has been pleasant, however, and I feel the negativity surrounding the game needs counterbalancing.
Think Phantasy Star Online, without the online, but with a better story and your going along the right lines. The combat is real time and is a refreshing change to the many turn-based RPG's on the console. The team is made up of four characters, with the player controlling just the one, with the option of ordering characters to perform specific attacks/healing.
It is a deceptively deep game, with forging, cooking and writing (to add spells) all requiring item-farming, which makes levelling up more bearable. Tactics like asking team members to conserve magic and "waiting" also come into play. Bonus objectives can be completed by fulfilling certain criteria, which is also a first for a 360 RPG.
So the graphics aren't brilliant and the voiceovers are absent for 30% of the cutscenes, but its enjoyable and will last longer than the 20 hours stated due to all the extra missions and item forging. I think if you have finished Lost Odyssey and Blue Dragon, then this is your next best bet, as it surpasses Eternal Sonata/Enchanted Arms in my opinion.
So, don't let negativity put you off. It's not perfect, but then again certain people can never be happy (Blue Dragon and Lost Odyssey certainly aren't rubbish - See completely delussional comment below)
I am certainly happy with my purchase!