A mediocre adventure, it's not horrible but it certainly isn't great either.
There isn't much to say about TLR. I never played the 360 version of it. SO I can't comment on if anything was improved or what. From what I've played of this game though...well, I've seen enough.
To start with, the voice acting in this game is just atrocious. No one sounds even remotely believable in their role. Like GS mentioned, the script is pretty out there, so the voice actors were probably all going "wtf?". Can't blame them too much. But scripts like the one in FFX or 12 aren't exactly normal either and the voice sounded fine. So no real excuse there.
Graphics are outstanding, even on medium settings across the board this game looks fantastic. Textures are crisp, clean and clear, effects burst off the screen, dungeons and towns are meticulously detailed, everything is very vibrant and alive. There is some noticeable texture pop in but...who cares.
The camera could have used a bit of work, it's such an odd view. It's too sensitive, it's too close, it just doesn't show enough of the environment around you. You'll get ambushed constantly in dungeons because of the odd perspective on the camera. Put simply, it's a mess.
Battles are interesting, if at first a little overwhelming. The game does a good job of holding your hand for a bit though to get you used to it. I don't know, personal preference on this but...the battles just aren't any fun. I found them boring. Strategy later on in the game plays a larger role then it does at the beginning, you'll have to think a bit which is a good thing. And there's lots of different ways to customize your characters (even if it doesn't seem like it). But battles themselves just drag on forever, even with turbo mode turned on. Add in the fact that monsters are capable of some pretty fantastic cheap shots, boss characters can wipe your entire party in a single hit and a questionable level up system and you've got a recipe for disaster here. Kudos for trying to come up with something new, but if it's squad based combat you're looking for...look elsewhere.
I won't even go into the story much, there are some memorable characters and the plot has lots of twists and turns but it takes a very long time for it to get interesting.
It's not a bad game, there just isn't much here to like for the hardcore rpg fan or for those who expect better from a company with the rpg reputation that SE has. It's an entertaining romp for a while. But after you put it down you'll most likely never pick it back up again.