It has certainly aged, and it has a few annoying mechanics that wouldn't be very acceptable today;
for example, you cannot buy items in stock (and this makes buying 99 Heal potions very annoying), and if several characters target the same enemy during a battle, and the first attacker kills that enemy, then the other attackers will try to attack that dead enemy instead of automatically picking a new target for that attack, which results in the infamous "Ineffective" message, which is basically a wasted turn.
That said though, it was a really outstanding game back in 1987, and it still has a lot of charm;
the graphics are very nice and colourful, the controls work fine, and the music is excellent.
I still genuinely enjoy playing it every now and then, and it has a very special atmosphere.