Square's first Final Fantasy MMORPG is definitely worth giving a try.
I only played this game for a few weeks, but what time I did spend with the game was very enjoyable and worth while.
The gameplay is pretty good. If you have any experience playing MMOs on a PC then it might be a little hard to adjust to using the PS2's controller instead of the keyboard/mouse combo.
The graphics fairly good, not up to par with most current PC MMOs but not horrible by any means.
In conclusion, if you are a Final Fantasy fan, then give this game a shot.