The Last Remnant is an RPG that is far more in the style of Final Fantasy and Phantasy Star (the earlier ones) than Oblivion or Dragon Age.
The story is moderately involving, it's fairly well written, if a little strange - think those translated Japanese cartoons we used to get on Saturday mornings in the 80s - and it looks good.
A lot is made of the combat system and rightly so because it is very different. The idea is that you put up to 5 members of your party into a team (you can ahve up to three teams I think) who all act together as a team, their hit points are combined as are their action points. It works fairly well, you do get a limited choice in what you can do in battle - usually it is attack using magic, attack normally, attack using special skills or heal - which some people won't like, but it does actually hang together quite well.
What I think a lot of people will not like, I personally don't like it, is the lack of character customisation, you can't do anything really with your companions equipment - they will upgrade their stock equipment gradually but you cannot change it - and you can only select the main characters weapon, shield, and two accessories (rings, necklace, etc.). It's very much rpg-lite in that regard. You can't put armour on your character and there is a very limited weapon selection.
The major problem however stems with the way difficulty is implemented. You can receive a quest that seems like a linear progression from where you are, get to the final fight in it and find that you can't even survive a single combat round because the creature is so massively more powerful than your characters. You then have to go away and grind to level your character a bit so you can return and have a chance in that particular battle. In itself that isn't a problem, plenty of games do that, it would be nice if they gave some indication as to the level of the creature you are going to be facing before you get there, but it isn't an enormous problem. The enormous problem comes when you go to level your character and find there is virtually no content beyond the central storyline. There are very occasional side-quests and there are a very small number of rewards for doing specific things (killing 5 of X or collecting 5 of Y) but there is no real quest system outside of the main story arc. This means that level-grinding takes the form of visiting a dungeon, killing everything there, leaving so it resets and then repeating the process over and over again. This gets boring quite quickly.
That is the essential problem with The Last Remnant, everything is at worst average but there just isn't enough content away from the central storyline - frankly there is virtually none - and you do have to divert from the central storyline to level your character. This is not a game that you will sit down and play through several hours a day until you complete it, most people will get bored and only play it in small doses. For the price it is now, it is probably worth it, but don't expect this to be Morrowind.