Lot's of fun to play the role of Edward Elric and have alchemy at my fingertips but that was about the extent of my fun.
However, the story really doesn't feel like Fullmetal Alchemist. It's really quite forgettable in fact. Sure, they've got the primary parts down, Ed and Al are searching for the Philosophers Stone and that's what stated this game, but it all kind of falls through by the end of it and really, the story of the game itself didn't go so well either.
None the less, if you've ever wanted to be like Ed and have the power to transmute any object into something you want by simply clapping your hands, then you'll enjoy this game. At least the endless combat parts.