Played for 4 hours or so. Did a lot of exploring. Combat system and crafting/equipment system seems well done, if potentially a little simplistic (at least to start, maybe it gets more complicated).
The gem system imbues your equipment, accessories, or weapons with elemental and status bonuses depending on quality and type. Seems that changing your gem system around to match the enemies and bosses you are facing at the moment is important. The elemental wheel appears to be the key to getting through things without being beat up too badly. Combat is an ATB system, with the ability to actively slow down the ATB bar of your opponent during battle.
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Can't sleep, clown will eat me.