If you don't compare it to the rest of the series, it isn't too bad.
FTNW has a much more lighthearted feel than the other Shadow Hearts games, whilst keeping the same quirky humour. It's not politically correct, nor is it historically correct, but it's fun. It has nice graphics and an amazing soundtrack, with likeable characters and a decent storyline.
Shadow Hearts has a unique combat system, which is probably one of my favourites. Similar to turn-based games, the characters take it in turns to fight; however there is also an element of skill required to actually make attacks work. Whether they miss, hit, or critical hit is up to you carefully timing your attacks, rather than luck.
It's not as deep or dark as the other two games, but it's still very fun in its own right.