You're right Konnichiwa, it really does look like it.
Doesn't really appeal that much to me as Dark Chronicle and Dragon Quest VIII did, but that's because I love fantasy styled games, Dark Chronicle and Dragon Quest VIII are 2 of my most favorites for the PS2... Like with Trusty Bell for example, which makes me really drool. Guess I don't miss that much then as this supposed to be for me one of the 2 anticipated PS3 games. The other one not announced for which platform yet is... SOIV.
But then again, only a few screens are showed...