Old-school at its best
Graphics:
Not a strong point for the game. The character models are very jagged and uninspired. I enjoy the look of town environments and the color pallete used for the game though.
Soundtrack:
While the graphics are modest, I was really impressed by its soundtrack which is full of tunes that are catchy, sentimental, and at times ominous. It really contributes to creating the mood of the game.
Gameplay:
This is what defines old-school RPGs. There's a typical magic user - Cecilia. Jack is the "buff" swordsman. Rudy is the most interesting, with the ARMs which can be upgraded.
You won't get the variety of gameplay or depth of battle engine that the newer Final Fantasy's have. It does seem to have more puzzle element to the dungeons than Final Fantasy games do though. Each character has items that it can use to solve puzzles. For example, Jack's pet Hanpan can reach across gaps that you can't cross. It's sort of a midpoint between Final Fantasy and Zelda in terms of puzzle. Nothing terribly difficult though.
Story:
I enjoyed the story to the game. It's created its own world which has led to a Wild Arms cartoon and sequels to the game. From what I've heard though, this is the real gem in the series. (It's the only one I played)
Conclusion:
It's a great old-school RPG that has much sentimental value for me. If you're looking for a great and memorable "retro" RPG experience, this game should be on your list.