Playing it right now as you can tell, on my nice 60 inch 1080p set as well. So here's some more detailed impressions.
Graphically it isn't great. But it does have it's moments where it looks really good. They are later on in the game though.
One great side is you can have that should be mentioned is that you can have 16 players on screen at once sometimes.
4 parties of 4 running around helping each other and casting spells. This game as you get deeper into it feels a lot like an ARPG mixed with an MMORPG. Much better combat system then FF 12 I can say that.
I really like the flute and the spells it can basically cast. Makes you main character sort of like a Bard. You can dispell certain things and effects, detect hidden chests, and give party boosts with it. Plus it has a tales of, or MMO style crafting, enchanting, blacksmithing, cooking, etc... element to it.
You can level up you're character as well as most spells, and all attack skills individually as you use them specifically as well. The combos also aren't really like they are in say a fighting game. A is fast attack, B is Power attack. But A+B can lift an enemy into the air, A+A+B is a downward strike that can knock an enemy into the ground, and A+A+A+B is sort of like a weaker version of links spin attack. Left trigger also dodges. Best console japanese action RPG i've played as far as battle mechanic goes.
Overall i'd recomend a rental to anyone, and keep in mind the first couple hours consist of running away, and a slow dungeon so it's sort of boring until you get past the tutorial sections of the game.
X-plays review of it is pretty accurate actually.