I thought it was pretty good. Nothing great, but not bad. It can get repetitive and there really isn't much replay value unless you really want to collect every Id (creature) and power them up.
I enjoyed the combat system, but ultimately it was a little shallow. They could have certainly done a lot more with the various attack types/weaknesses. It usually just boils down to using the same attack pattern on most enemies, with very few exceptions. I enjoyed most of the boss fights though.
The format of the game is such that you have to replay the first 5 chapters with the alternate character before you can move to chapter 6 and 7 (last chapter I believe). This means that you can beat chapter 1-5 with Ellen, then 1-5 with Keats or chapter 1 with Ellen, go back and beat it with Keats, then move on to chapter 2 and so on. I wouldn't have minded this much, but there really is very little difference when going through with each character. If they had done more to make each character's play through each chapter more unique, it definitely would have cut down on the repetition factor.
The story was interesting, but I found it hard to follow, and a little nonsensical. But for me, it did provide enough incentive to get past the repetitive parts of the game. The game is very linear. The "side quests" are a joke and only worth doing if you want to power up every Id and need certain items.
Try the demo and if you like it, I would certainly recommend the game for around $20. Oh, and it took me 14 hours to beat the game.
EDIT: It's funny that the first 5 people responding haven't played the game...