It's still menu based, turn based combat. I don't think that can really qualify for a hack-and-slash. Sure, it would be intensive if you didn't use Gambits, but only time intensive--unless you had it on Active, in which case, yeah, it would be pretty hectic (and stupid) to try to control three characters simultaneously.

As for my opinion: I've really enjoyed it so far. I'm about 27 hours in, and probably have at least another 30 hours to put into the game, what with all the sidequests and places to explore. Maybe more than that. I really don't understand any complaints about the story being lacking, unless you've disliked the stories in every single Final Fantasy game. It's not much less complex than any of the previous plots, but it's handled in a much more adult fashion and has a different focus. All in all: the characters are solid, the gameplay is the best in ages, and the storyline is top-notch. Unless the plot simply stops after the point I'm at ((SPOILER)Heading to the Empire for the first time) I honestly can't fathom anyone having an issue with the quantity or quality of plot devices contained in this game.