I think the potential is there. It's not going to live up to fan expectations (because, y'know, people are expecting way too much). But after playing Type-0, I am starting to see some potential in this. Between Type-0 and games like Birth By Sleep, Square has definitely gotten the hang of Action RPG battle systems. The maps we've seen in the previews look open enough to allow for some serious exploration/immersion.

If the world building is anywhere near Square's best, this is probably going to be one heck of a game.