The first two were better, but it's not a bad way to continue this amazing series.
The Best:
The battle system, once again delivers. It's fast paces and as fun as it gets for a turned beased battle system. Some actual skill (or just good reflexes) required makes the battles more fun and can really change the outcomes of things at times. The graphics are simply amazing and once again rival even Square Enix's Final Fantasy series.
The Okay:
The characters, while unique and fun, make a very mismatched group of misfits. It's almost like they tried to make all the character's total oppisites that don't connect at all and throw them into a group and see what they make of each other. There doens't seem to be much of a purpose for many of the characters even being with you, let alone fighting for you. Though the varying personalities are entertaining enough, I feel that there is a great lack of motivation and reason for them.
The Not-So-Great:
The story, if there even is one worthy of mention, is very vauge through most of the game. You can easily lose track of where you're supposed to go next and why you were headed there. There is also the lack of some realistic scenario. A 16-year-old owning his own business in New York city, no matter how rich his parents were, is just a little too unreal. I also don't think that fans of the past two games will be able to relate to the main character at all, especially those who are over the age of 16. Since Yuri, Alice, and Karren were more or less adults, or at least acted like them, the main character of this game will seem extremely childish and immature. Once again of course, it depends on the audience of the game.
Overall:
Not a bad addition to the series, but it seriously lacks compared to the first two games. Let's just hope that they can learn from their own mistakes if they decide to make a Shadow Hearts 4--and also hope they change the characters.