I haven't finished the game yet (i'm currently trading around New Serino) but so far:
Story: Lots of interesting fractions and people, but I don't really like any of them and they don't get much development
Game play: Decent character customization in the beginning, A butt-load of things to manage (food, water, forage, materials for selling and more), and a changing price system based (i think) on supply and demand (there should be more games with this). The character leveling and skill system feels natural, you don't even really have to worry about specific numbers with this aspect of the game. I love how the size of the world doesn't change, but how far you can go (based on your resources) does and it makes it feel like the world is expanding.
Audio: There's a nice travelling tune, but the rest is mostly silent, would have been nice to have some BGM in the towns
Graphics: As is the graphics are decent. All the main characters are drawn and recognizable. I'm on the fence on whether better graphics might improve the game play (the simple style makes it pretty straight forward to play). I especially like the traveling interface. However, I wouldn't mind if some gorgeous graphics were integrated in somehow. I know that's somewhat unreasonable but with some development this game could be big.
Overall great game, not perfect, still better then some games you would have to pay for