Great start to a possibly good rpg.
The story is pretty interesting, which is the most one looks for in an rpg and the battle system was good, although a little difficult to master, considering the timing. All of the combos demand too fast a reaction time, and although I got the hang of it after a while, it's a little unorthodox to have to choose the skill option and then quickly switch to the spacebar. This was more of a problem with the meelee combo than anything else actually. The character moved to quickly into the attack. Your battle system is like Paper Mario's(the n64 version, haven't played the others), so I would recommend you playing the game somehow to get ideas on how to execute combos. If you do decide to play it, take a look at the brief pause Mario makes before he attacks, it helps to orient the player as well as give him/her time to prepare for the combo.
The bow is much more effective than the sword. It's simpler to use and considering it was only the first bow, it was pretty powerful. Eight damage from the "1st" bow versus four damage from the "1st" sword.
I didn't experiment with all of the spells so I can't give you too much feedback on that, but it seems fine. I would, however, recommend some of them be more effective. I followed the chart and used burst(fire) versus the second boss who was an earth element and it only did 13 damage, versus the 12 damage I could do with a full melee combo.
It was pretty enjoyable otherwise. Figuring out what to do was a little random though.