Pros -
Online Mode with 3 other friends with supported voice chat and over 50 quests DAY 1 will keep the game going on more then long enough until the sequel arrives for US/EU areas.
Unrivaled Character Creation of This Gen, SCIV, DW6: Empires, Elder Scrolls Oblvion, ME, Perfect World, ANY MMORPG you've ever played this gen, free or p2p, chances are none of them come close to the Vast Creation that WKC has.
Combo Battle System, it is sort of like FFXII, however the Combo System adds a nice and somewhat fluent and faster with more style-ish combat.
Magic, Skills, Talents, Stats, There all unique to each character, i believe there are like over 500 Spells and Skills in total, making for a real diverse experience of JRPG gaming.
Story Mode that actually looks good for a Online/Offline game, and it will have countless hours of gameplay due to the online mode.
Cons -
It took 3 Years to make it off japanese shores. its not as bad as FFXIII's 5 years but still...
Graphics have improved greatly since it was first revealed, but could have been better.
It would seem your personal created character does play a role in the game as a whole, both in offline and in online, but in the offline it seems he or she will be mostly there simply as an "Extra" most of the time rather then an actual character the main character give a damn about.