Totally worth every penny!!!
Gameplay:
The battle system is perhaps the main interest in LoD. It uses something totally new, and never seen since. The way you attack, and do combos based on timing is really challenging, and fun. Additions, which are special attacks that involve matching two squares to make a successful hit, range from the basic, simple attacks, to the complex, fast-paced attacks that you swear are impossible without special items. The way these Additions work is you must press "X" when the two squares match up, for each time that the Addition requires it. Each character has several of these attacks, ranging from 1 hit to 7.
Another special aspect of the battle system is the Dragoon option. When you've gained enough SP (Spirit Points obtained from each successful attack), you can transform the character into a powerful dragon knight, and use various Magic spells and greatly enhanced attacks. Not to mention that when you've reached Dragoon Level 5, you can summon the Dragon spirit itself!
The dragoon abilities are also great, and the dragons themselves are a sight to behold (though they don't look like your typical dragons).
There were also plenty of side-quests, and of course, what would an RPG be without an optional super hard boss? Faust is that boss, in this case. Good luck getting to him, and beating him however.
Story:
The story is one of the better stories in RPGs. You're Dart, a young man who has spent the last 5 years on a journey to seek out and exact revenge upon the mysterious creature the Black Monster, who had destroyed his home (Neet) and killed his parents 18 years earlier. What Dart doesn't realize is the history behind the Black Monster, who it's identity really is, and what purpose it serves. It all comes together to a dramatic climax, complete with an epic battle for the fate of all living creatures, in an attempt to prevent a God from being born (which is a bad thing in this case).
Overall thoughts:
Great battle system, fantastic story, and vastly underrated. One of the best RPGs on the PS1, nay, ever!