I'm about halfway through, I think, and I'm still enjoying it. There are some times when I get bored with it (like when I'm searching for an important discover but just can't find it and I keep getting attacked, which is when the white map really comes in handy (I love how you can completely swap your equipped gear during battle!)), but overall I think it's great. There are some cheezy parts, and some parts that are like "hmm, wonder where they got that idea," but it's certainly an entertaining story and they do a good job of keeping it serious without being boring. The characters are light-hearted and the fun-loving air-pirate thing really works well. As in, the characters actually smile and make fun of each other (which is desperately needed in RPG, in my opinion).
The graphics are bumped up on the main characters, and it shows -- when you see a character that's not very important to the game, you can tell that they were simply a texture placed over a basic polygon shape. But the main characters look great and, really, they're the most important graphics in games like this anyway. Many of the boss characters look fantastic too (like the steelskin spell? whoa!), and since those are the long battles anyway, it's really a nice touch. I'm happy they were smart about which graphics they improved, rather than spending years retooling the entire game.
So the battles look good, and the bosses look good, and the main characters look good, but the towns and secondary characters don't look so good. They're not Ocarina of Time bad, but they're not SFA good, either.