Oh I should've mentioned, the game is directed by Hironobu Sakaguchi. He is the creator of Final Fantasy (yes, the original one) and worked on every Final Fantasy game up through IX, as well as other Square games such as Chrono Trigger, Super Mario RPJG, Parasite Eve, and Kingdom Hearts. He's also given credit for the original story of FFVII, as well as being a producer of the game.
Creatively, The Last Story is the first game he fully directed apparently since Final Fantasy V. Lately, most of his work was either supervising or executive producing.
So yeah, the game lives up to the expectations it should have being a work of Sakaguchi.