There's some good and some bad - the good definitely outweighs the bad.

Bad:
Can't own chocobos. Chocobo breeding would've been especially cool - I'd love to get myself a dark blue chocobo and start riding around.
Unless you know how, money is hard to come by. This doesn't really count, since it's the case in all MMORPGs.
Worldpass system. Granted, I'd pick the least populated server to stick myself on anyway, but I don't want to spend gil to get my friends on there too.
Lack of character customization. You get more than you could ever could in UO and RO, which are the only other MMORPGs I've played, but seriously, look at PSO for how character customization should work.
Very strong (for a level 1 character, anyway) aggressive monsters outside the starting town. While there's no problem with somewhat strong monsters outside the first town so you can still level there when you power up a little, but they shouldn't be aggressive.

Good:
The crafting system. Specifically, the fact that I can finally ignore it completely and still have a reasonable amount of money. I remember in UO you pretty much had to be able to craft to make money early on. Here I just make sure I've got signet cast and go fight the monsters I would be anyway. They drop crystals, and I sell them at the auction to people who do craft for a load of money. Sure, I could probably get more money if I'd craft, but I don't care to since I've got all the spells I can presently cast, and the best armor a character of my level can wear. I'm not hurting for money, for once.
The job system. I can't say enough good things about it. This is how getting strong in an MMORPG should be.
You start out with a house. That, and it's located in a residential block, so you never have to worry about getting a good spot. That was another bad thing about UO.

All in all, this is the best MMORPG I've yet played.