I played it on Xbox and thoroughly enjoyed it. It definitely has all the JRPG elements to it. I wish it had a japanese audio track since the English voices were pretty obnoxious. Not sure if PS3 has that feature or not.
Gameplay wise, it's pretty linear, but the battle system is pretty fun. It mixes both turn based and real-time combat. Each character gets a turn to fight and during that time, you can do combos and chains, etc. Graphics are pretty good, very anime style-ish and bright/vibrant colors.
Since the game has been out for awhile now, you can probably pick it up for $25 or less which IMO is well worth it. I think the PS3 also has more characters and content than the XBox version.
If you are a fan of JRPGs, you should also try out Tales of Graces F and Tales of Xillia (coming out later this year or next). Also as another poster mentioned, Ni No Kuni is a must play (I have it coming in the mail and will prob sink 100+ hrs into it).