I always say go for it but then again, I've been the forums FFXII apologist since I first joined. Most people tell me that the second time through is usually better, probably because they know what to expect this time around and not the usual "oh it's going to be like the last game!".

It's actually got a lot of story, I believe the running time of dialogued cutscenes is about the same as FFX actually, it's just that, as DMKA mentioned, it's spaced between large MMO style landscapes and hordes of monsters to battle so it can take some time to get to places, especially if you are consistent with side missions. It's also more plot focused than character driven, which tends to be rough on people who really liked entries like FFX and XIII where the games have an excuse plot and the story is mostly the cast angsting about.