For an early PSP RPG, this is solid and thoroughly enjoyable.
This is definitely an old-school RPG. Stats, equiptment, and magic will all be familiar to anyone who has played similar RPGs. The combat is slightly different from most turn-based RPGs, as movement is important to the flow of battle. Distance from your enemy is important, and since the characters and monsters are always moving around, physical location becomes an important part of your battle strategy.
I could do without the blocky anime sprites, but other than that, I don't have any real complaints about this game.
Given the relative lack of good RPGs on any console, nevermind the PSP, this one is definitely worth picking up and playing.