If you want a well-done rogue-alike dungeon crawler, this is your game. If you want a story-driven RPG, this isn't it.
The gameplay is straight-forward -- you move through various mazelike "3d" underground dungeons in first person, fighting in turn-based battles, collecting loot, and leveling your characters. There's nothing "new" here gameplay wise, but this crawler is about as well done as any I've played. That said, people coming in looking for a story and dialog driven JRPG will be disappointed -- that's not what this game tries to be.
The good:
+ Terrific hand-drawn visuals -- everything is colorful, detailed, and generally looks great, with the exception of the mazes, which follows the tradition of these games and is strictly bland tiles...
+ Tons of customizable, playable races, each with different areas of expertise.
+ Lots of different loot types
+ A lot of fun character and party development touches, such as alchemy to create magic items, several schools of magic, many different weapon types, etc.
+ The small audio sound bites in battles are actually still in Japanese, which is nice.
+ Good musical score
The bad:
- Brutally tough on new characters -- this isn't unique to this game, and is more of a tradition for dungeon crawlers. Your characters will die early and often, forcing you to slog back home to get them resurrected/healed.
- Very little help -- you'll discover traps, electrified areas, fireball wall traps, etc. and will have no clue how to deal with them unless you figure it out on your own. (not sure this is a negative, but it makes an already tough game tougher)
- Dungeons can get a little tedious due to repetitive visuals
- Effectively no story (again, not surprising for this style of game)
If you're wanting something with a detailed story, character interaction, etc. this is NOT a good choice. But if you have the patience, and have been looking for a solid dungeon crawl/loot grabber, this is a fun choice.