The initial load times were 20 seconds for the vita version of sen no kiseki. After the patch, it was reduced to 10 seconds(Leaving/entering areas/buildings) and 5 seconds to enter battle. I think the guy is exaggerating about 30-40 seconds load times.
You can see loading after patch in this vid
I read somewhere that Falcom rushed the release because of annual earnings reports and whatnot, I don't really follow these things so o don't really know ^^. Hopefully the next patch reduces the loading times even more.