I think it was quite good. What I liked most is a great combat system and an interesting steampunk world with huge gears everywhere (well, I love steampunk settings). Characters were cool and the story... well I don't even remember what it was about. Maybe it's not a masterpiece but it's fun to play and I do recommend it.
Resonance of Fate was the most innovative RPG of the generation in my opinion. If you like over the top shooting gameplay with a great steam punk world and excellent soundtrack. I think it appeals to gamers who go in expecting nothing and then getting blown by it. Its very out of the ordinary.
It's been many years since I played it but I enjoyed it pretty well. Very unique battle system, though pulling off some things in battle can be a bit of a learning curve iirc. Took me a while to get the hang of some things. I'm glad this thread came up, it reminded me that I need that soundtrack.