Flawed, but very fun.
Graphics- This is where the game shines. The graphics are fantastic for a psp, they look to be almost ps2 quality, but there are a few visible lines where things connect, but if you overlook that the game looks simply wonderful.
Gameplay- Nothing innovative at any means. You gain mana via attacking (think Wild Arms, only it's shared by the whole party.) and use it to kill enemies using your dragon attacks, which are literally just elementally infused, slightly more powerful attacks. Each character has a special ability that only they have, but with the exception of one character they are mostly useless. There is also a crafting system for making new weapons and items and such, which is nifty and useful, but can become a chore when you realize you need to make eight older weapons you sold a long time ago in order to make a new one.
Story- this is a bit of a down point for the game. The story is unoriginal and kind of bland. The characters are all kind of just thrown at you, and one of them (mary, a pirate who's ship was sunk that joins you out of the blue just because she decides she doesn't like the bad guy very much.) really joins you just for the heck of it. Furthermore, most of the characters aren't very likable. The main character is INSUFFERABLY girly, the healer girl is-- well, she's a healer girl, a stereotype in every sense. The pirate girl is okay in terms of personality and such, but she gets annoying pretty quickly and again- loli with an attitude- it's nothing new. The final character (yeah... there are only four.) is... well... he's kind of jerk.
Difficulty- this is where a lot of people exaggerate things. They see a game where you can't just glide through unharmed and automatically dub it a "grind-fest". Will you have to fight a few extra groups of enemies in order to beat the bosses? Yes. Is it as bad as many people make it seem? Not even remotely. If you go through the areas and kill every enemy you see before moving on, you should be fine, you'd have to do this twice at MOST, and more often than not you don't even have to do that.
Overall- It's far from perfect, and there are a lot of better games on the psp, but if you've played those, and you're bored this game can be pretty enjoyable. I'd even go as far as to say that the pure nostalgia for simpler, cliche filled rpgs of yore make it a good game. Give it a try, you might be surprised.