False. This game is great.
The storyline was a great concept and whatnot, and I think extremely original. It just had bad pacing.
Lack of character development? I thought there was a fair decent amount, actually. And the characters were all likeable, to me anyway, and XII is one of the only FFs to have a cast that I enjoy in it's entirety.
I don't feel there were too many cutscenes either, because I was never really bored.
Either way, the good out weight the bad, and with the hundreds of extra things to do I really do like this game.