Not garnishing the amount of respect that it deserves is becoming quite the happening these days isn't it!
That aside, Enchanted Arms is a worthy opening act for traditional RPGs on the 360. The graphics are pretty good, though hardly ambitious. The quality of the cinematic sequences are likely to give Square-Enix a run for their money. Thankfully, the game gives the user a choice between the English voice acting and the original Japanese (most English redubs are fairly poor, and this game is no exception). But what people really care about in a JRPG is characters, plot, and combat.
The characters start off as nothing special. In fact, they are stereotypes through and through. A few past reviews were exceptionally turned off by a lesser character during the opening and tutorials; that character quickly leaves the plot, but I happened to find his antics amusing (and opening the game with a homosexual character is quite progressive in my opinion, keeping in mind that he is flamingly flamboyant and fabulous). The story is fairly generic to start off, but develops a subtle complexity that is actually quite refreshing when compared to the epic plots of the Final Fantasy series.
This, I think, helps the character development some, as any development (particularly in the case of Atsuma, the protagonist) is surprising. Even without Atsuma's torturous inner struggles/demons, the other characters still play an active role and are far more three-dimensional than the game would have you initially believe. Combat has been built from the ground up, and the result is a unique experience. It combines the elements of strategy RPGs in the vein of Ogre Battle and Final Fantasy Tactics, with the simple turn-based elements of traditional JRPGs.
In addition to your natural party, you can build a team of golems (monsters, essentially) to assist in combat. The mix of strategy and action helps this game stand on its own amongst the competition.
I for one think that this title doesn't get nearly the amount of respect it deserves. If you enjoy a classic RPG, check this game out. If you can't be patient for an hour and let the game develop, it's certainly not for you.