I went for outstanding as, being an old school player I find the turn based combat really good and executed very well.
The story is one of the best I've seen for a long time and the cut scenes really draw you into each character so you actually start to feel for them.
The dream sequences a probably the best part, and they have been executed so well that each one is truly a moving experience as you delve into the history of the characters.
The levelling cap is something that has been talked about but I've not really found it to be a problem, if anything its a benefit as is the random combat encounters as they are no where near as frequent as other games. I play these games primarily for the story and this games story flows a lot nicer than others.
I've not finished the game yet, but am on disc three and every one has been a real joy to play.
The only negative thing I have to say is about the save points. Some parts of the game it's fine, they are spaced logically and you can save fairly regularly, but there are times when they are spaced apart a bit too far and you have to either backtrack to the last point along with the hassle of the random encounters (and this is only a hassle if you need to save and quit!) or push on and hope the next save point is in the next zone!
By far, the best RPG for the 360 to date. Here's hoping for a sequel