Where Blue Dragon failed, Lost Odyssey hopes to excel, and that is in the story. Blue Dragon was not a bad RPG. It had a fun battle system, and it was delightfully old-school. The story on the other hand, never got going, and by the middle of disc 1, you could care less about Shu and his shadow dragon.
Lost Odyssey is in the same vein. Old-school RPG action, with the tradition JRPG story-telling. Let's just hope that you will care about it from the get go. That's what makes Chrono Trigger and FF7 so great, the stories draw you in immediately and never let go.