Looks pretty good, it might even tempt me to buy it!

Is this based on FF1?

No, it's a completly new game.

is that confimed..^, because this does seem based on FF1

Yes, Final fantasy Gaiden isn't based on FF1:

"The game follows the travails of a 14-year-old boy who has been sent by a king to rescue a princess from a wicked witch, the Japanese magazine reports. "
http://www.gamespot.com/news/6212834.html

The storyline isn't original and is more like the old FFs but if we think about the FF5 or FF6 we realise that wasn't exactly the storyline the point of the game, the way the plot unfolds is what makes what they are.

looks good the ds easily has one of the best rpg line-ups ever if not they best

Why do they feel the need to brand everything with Final Fantasy? The World Ends With You is sooo much better for not having that stigma.

I guess for the same reason as Nintendo wants to brand everything with Mario. Uneducated consumers?

I like it a lot...