Got it for PC and haven't played more than 4 hours or so, if I'd have to guess.
It's far from being the most memorable, fun game, but, up until what I played, it's a pretty cute game. The character designs (or better said, the art) is great, and even if I like the actual visuals of the game, I wish they had managed to replicate it a little bit better. I feel that that's one of my usual complaints in regards to anime-esque designs (especially Nomura's), so maybe it's just me. The setting is beautiful and I like the feeling it provokes, although, again, they could have been better realized, as they're quite simple and samey (which makes sense considering it's all snow, but you get what I mean).
The music is good. Yeah, I mean, so much piano can get a little bit tiring and quite a few tracks are samey, bland and forgettable. But there are some very good ones, the instrument choice REALLY helps build the themes and the general feeling these lands and this plot have and, in my opinion, it's a very bold choice: they could have gone the easy route and try to get as close as possible to your usual 90's JRPG tracks, but they instead preferred doing something original and risky.
The combat system is alright (and very familiar, which, for me, isn't a bad thing), although I haven't had a challenging battle yet. The magic system is cool enough, and so are the spells (but that's because their effects and such are really reminiscent of classic ones, so I get nostalgic!). I still don't know how the flux system works, so I have to look it up as I didn't pay much attention in the tutorial. I like the momentum system; it reminds me of Legend of the Dragoon and such.
The story... well, it's alright. There are definitively things I'm interested about (the villain, what will happen in the Last Lands...) and the characters, albeit two dimensional (expected and not at all a bad thing), are endearing. It's a simple, classic story to the core, and I actually really want that right now. Also, they took what I liked the most from FF X (the whole sacrifice thing) and turned it the main plot, so I'm happy about that.
So yeah, having fun with this. I just hope that, should they do another game (new IP or not) and should they want to still replicate a PSX-era JRPG feeling, they get closer to what FF VII, VIII, IX looked like rather than this. That is, prerendered backgrounds and different camera angles. But for a new project that's their first and has had to be done relatively soon, I Am Setsuna is quite good (so far!) and I understand most of its design choices.
Hopefully Tokyo RPG Factory has a long life, although I don't think this is selling too good (nor they need it to, since I don't think this is a very expensive game and most losses are due to their creation as a company relatively independent from S-E).