The similarities of the combat to Valkyrie Profile are obvious, but frankly I didn't find VP's combat all that exciting.
Whereas in Valkyrie Profile you could do *somewhat* more damage with good timing of attacks, in Cross Edge timing is unimportant, but the order of attacks is a primary determining factor in how much damage you do.
I just feel like Cross Edge's combat has a lot more depth and strategy than Valkyrie Profile's. Especially considering you can choose which of 4 (plus specials) attacks to use per 4 characters where in VP you had a specific chain of attacks for each.
Really, the people (like me) who enjoy or would enjoy Cross Edge's combat are the types that like to actually sit staring at the attacks list for a minute and a half dreaming up half a dozen different combinations of attacks and determining which one gives them the most damage. All before pressing a single button.
Anyway I think it's unfair to call Cross Edge's combat weak or a cheap knockoff. It could've been cleaned up a bit, but I genuinely loved it. It might appeal to strategy gamers more.
Other posters are correct in saying that you won't enjoy the game as much if you aren't familiar with the characters or style it brings in. Personally, I literally fell out of my chair laughing when Felicia went on about wanting fish for dinner. Definitely use the Japanese voice acting, though.
Pros: Deep combat, humorous story if you're familiar with the source material, pretty good music
Cons: Actual plot is sub-par, load times and menu system could use some work, and there is some significant grind and tedium.
The long story short is that unless those pros scream "Heck yes!" to you, you probably ought to wait until this drops to $20 or less. But I won't stand for the combat being knocked. It's the combat that's the gem and very foundation of this game.