Its not brilliant, but it certainly isn't terrible..
Story - Well the story is kind of basic. Your ship gets wrecked and you end out on a mysterious island. An evil presence threatens the safety of the island's inhabitants. And its up to you to save them from almost certain death. Its interesting enough to keep you playing the game, but to be honest it doesn't really turn the genre on its head with storytelling. The CG cutscenes are a nice feature though.
Graphics - Well here is where we come to one of the problems with this game. The graphics are - in short - not very good at all. The character models are bland and could of easily been ported from the original Xbox. The draw distances aren't terrible, but some pop-in can be seen in wide open areas. Surprisingly, the enviroments are quite nicely done and the variety is good.
Gameplay - Gameplay-wise, the game is quite good. The camera can get a bit over-sensitive, but once you get use to not moving it too much. The combat is quite good aswell. The hand-to-hand is a bit overpowered though (you can take down most creatures at the start of the game with a few punches). The swords are good though. And so is the magic and staff abilities. They add some well needed variety to the combat.
As for the map, it is good. A variety of enviroments ensures you won't get bored of seeing the same place more than once. They are also quite detailed. Some of them look bland but some nice ones are to be seen.
Overall - I think this is going to be a love/hate game. It isn't terrible by any means, but it will probably only appeal to a minority of gamers. Anyone looking for an RPG that they can get some good hours out of and are not to fussy with graphics etc. should definitly give this one a go.