So I'm a couple of hours into the game, and so far I'm really liking it. I have a few minor issues with the game, like how a monster's level is kind of meaningless since lower-level unique monsters still kick your ass extremely easily early on. I'm also not terribly fond of how randomly the game seems to determine when you've reached a landmark outside of towns.
I spent a good deal of time in this early going just roaming around and exploring, and several times I clearly wandered into a different area but the game determined that I hadn't somehow reached the landmark for it. So I run into a monster too powerful for my two-party team, get my ass kicked, and I get sent way back to the Park since it was the last landmark the game thought I touched. Irritating, but not game-breaking.
What is incredibly annoying, though, is that there's no way to set an active quest in a game with this many sidequests. Oh well, I knew that would be an issue going in. I also wish the game would somewhat auto-target enemies when you get near them, because it's kind of annoying having to L-target them every time I want to engage something.
Despite these issues, though, the game's been a lot of fun. I especially love how it encourages you to explore and experiment, and then rewards you for doing so. It does remind me a lot of Final Fantasy 12, but with some refinements that make it look like Monolith Soft learned some important lessons from it. Whereas FF 12 was very generic-feeling, Xenoblade still feels like a JRPG but with much-needed elements of Western games. And the voice-acting is excellent, though I'm getting sick of Rheyn and his love of saying "YEAH, It's RHEYN TIME!" This game probably could have done well in North America if NoA put any effort into marketing it, because it's a JRPG without the stupidity that plagues that genre right now.