I've thrown a bunch of information on this blog already, but what does it all add up to? What is the gameplay like? Let's see what I can describe in three paragraphs.
Most of the gameplay is from a top downish perspective. You've got an objective (such as walk in that general direction) and you'll encounter bits of inter-party dialog, monsters, treasure boxes, and some other surprises. The frequent dialog bits help move the plot along, but you can always get distracted with exploring an area.
Sometimes, exploring an area can pay off as you might find an arbitrarily positioned treasure box. In hard mode, these boxes can be trapped or mimics (a monster). As for monsters, the game doesn't actually have the common random encounter system that most classic RPGs are blighted with. Instead, you see the enemies running around on the map and you can choose whether to beat them down or go around them, something like Chrono Trigger. Some monsters will wander around with a set route, some will randomly move around, and some will have specific behaviors (e.g. chase you if you steal their treasure).
There are a few other platformer elements to the gameplay that add depth. You can swim (your competence depends on your water level), you can light candles in the dark for some interesting lighting effects (more effective with a high fire level), you can jump across gaps or up and down walls (depending on your air level), and so on. There are a few puzzles along the way and some 'escape before the timer hits 0:00' areas. And, of course, tons of amazing secret areas along the way that you'll miss over and over. Sometimes talking to those random doodads can get you something special. Madness, isn't it? You have no idea.