I'm actually playing through this right now, and so far: 
PROS: 
-Amazing addition to Tales combat system, really well-though-out. 
-The overlimit gauge. 
-Interesting plot elements. 
-Luke's journal: I LOVE being able to put the game down for a while, come back, and know exactly where I left off. 
CONS: 
-Weak, stereotypical characters. 
-Weak overall plot. Too much macguffin-chasing going on. 
-Graphics are low-quality and poorly animated outside of combat, which is unacceptable for a game that came out toward the end of its generation. 
-Soundtrack is nowhere near the standards I hold for Tales games. 
-The overworld map is horrific.  
-No voice-acting in skits... why the HELL are there no voices in the skits!? 
Yeah, I listed more cons than pros, but it's still a great game overall, imo. 
EDIT: 
 
No set of characters has ever endeared itself to me like the cast of KH.