very nice concept
It would have been very helpful to have a "quest tracker" of some sort to remind the player of current objectives. A couple of battles in, and I had forgotten where the hell we were supposed to be going!
The ability to make variable characters is a little limited. While there's great customization potential with choosing attributes, I can totally forsee each character having identical abilities by the end of the game. "Everybody Bellow! Now everybody cast Lightning Bolt!"
A way to review your loot collected would be nice. You're given icons of items collected at the end of battle, and you can access a list of items in the party menu, but the first chance you have to attach an item picture with an item name is the first store, about 5 battles in.
A great little RPG, just remember that forcing a player to keep a pad and paper next to the computer in order to do well is A Bad Thing(tm).