I think this game represents the natural evolution of the traditional JRPG. It look very fluid and I think the game play will become a new standard for next gen RPG battle systems. The TGS video should absolutely floor any JRPG fan. Simply stunning.
This game has been mentioned by Tycho and Gabe at Penny Arcade a few times, even prompting a strip in which they cry and submit themselves to purchasing a PS3 solely for the purpose of playing this game.
They are generally very good judges of game content and "fun factor" so I would say that this is a very good forcast for how it will turn out.
The combat system featured in this game plays very differently from the JRPG norm. It seems to be very action oriented and for once you actually see your character make contact with the enemy and his/her armour, shields, swords and so on. Looks very interesting.
1