I just finished the game a week or so ago. I didn't mind the plot twist or the story (seeing them jump out of a big TV screen was a bit of a shock!), but the battle system and graphics took a little adjusting. My only real complaint is that private actions are underplayed compared to previous Star Ocean games and the ending sequences weren't as interesting as they could have been.
Gameplay features like item creation, bonus post-game dungeons, and a fast-paced battle system really make this game great, although the story isn't all that bad either. Sure the game comes with a bit of a learning curve, but that's a reasonable price to pay in order to make the gameplay more interesting than building levels and buying better equipment. For example, MP kills and MP death really caught me off guard at first, but then I started using MP kills as a powerful strategy in certain fights. It also took me forever to figure out that the tactical skill Berserk effectively doubles your Fury, making cancel bonuses more useful.
I'm not a big fan of pressure sensitive buttons though, especially when they're used for separate actions instead of two step actions. The real problem is that there's just not enough tactile difference between light and hard touches on the PS2 controller. I can't list the number of poor bastards I accidentally killed in Metal Gear Solid 3 because of that.
Anyway, all that's left now is to finish up Sphere 211, but I'm putting that on hold until I've finished Valkyrie Profile.