Action RPG is the proper term.
The battle system got a lot of praise in the recent previews for its depth, a few examples:
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IGN: "It’s action-combat through and through, all taking place in real-time with you unable to queue up attacks, but there’s still a surprising amount of depth. Various special abilities can be performed with Triangle, though Square is your go-to button for basic attacks. You’re able to allocate different weapons to different positions in a combo chain to suit your playstyle."
Eurogamer: "it can be difficult to settle into its flow at first - but after a few battles it begins to feel natural, and the counterattacks, which vary depending on the enemy, are supremely satisfying to pull off."
Gamespot: " Most commands cost magic points, and with a limited number of MP at your disposal, you need to manage your actions carefully. If you run out of MP during battle, Noctis will enter stasis, which greatly limits his mobility. MP will regenerate over time, and you can speed up the process by teleporting to the safety of higher ground, but this is easier said than done. Juggling the above commands comes naturally, but I found it difficult to be effective in battle without depleting all of my MP, thus falling into the pit of stasis. While I enjoy Final Fantasy XV's style of combat, I don't enjoy having to hold back at the risk of falling into stasis. Hopefully this is something that will become less of an issue as Noctis levels up and has more MP at his disposal."
kotaku: "And, yeah, don't worry: this isn't a game of button-mashing. Kingdom Hearts this ain't. You can defend (by holding L1 in the demo) and parry/counter-attack enemy moves, though I'm not sure how viable that is as a strategy when you're trying to slash through fifteen goblins at once. As I played through the demo—which is not easy by any means!—I found that staying on the offensive was way more effective, especially when fighting through herds of obnoxious little cat-tiger-like critters that refused to stand still."
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I like Gamespot comment the best. Even though they thought that the required managing of MP was a negative point, I find it to be something positive and much more interesting than continues combos.
