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There's an interview with Sakaguchi about Lost Odyssey in the latest Famitsu Xbox360, here are some details from 2ch posters who got the mag:

- The game is about 40 hours long, 20 hours of which are taken up by event scenes or FMV.
- The MS Briefing portion that Sakaguchi played is the first dungeon.
- The trigger timing for physical attacks can add special properties to the attack.
- Equipment-wise there's only weapon, ring and accessory.
- The encounter rate is low, instead you're supposed to grow stronger from each series of fights.
- The Dream of 1000 Years short stories are just text.
- They're presented in short 5-10 min segments of text with no voice but with BGM.
- There are 34 of these short story episodes in total.
- There will be a world map, with a vehicle to move around in it.

 

http://www.neogaf.com/forum/showthread.php?t=194739