I can't say it's worth the wait, but it is a pretty good action RPG.
It has far too many Japanese tropes. The gameplay is good, but the graphics are very last gen. I love the setting, but the plot isn't anything new. Overall it's slightly better than average.
It's worth picking up if all you have is a Wii or you really love Japanese style games. I think the whole "Operation Rainfall" thing may have blown things out of proportion. Granted Nintendo should never hold a game back when it's already been translated. But it's not like it's the killer app that many hoped it would be, unless you only have a Wii and you're dieing of game thirst in the vast desert between Wii releases.