Still early on in my playthrough, I will update my review if anything changes. Edit: Completed the game! Final spoiler-free review at the bottom.

So far it's been quite fun! Music is amazing as always in Falcom games. Voice acting is hit or miss but no big deal. Combat feels smooth and responsive. The story-hook is promising, I already want to find out more.
Graphics are not what you'd expect from a 60€ game but if you've played any Ys games before, you know that graphics are this series weak point. But the gameplay makes up for it.

Edit: I have finished my Inferno-Run, cleared 100% and collected all achievements in about 55 hours playtime. Absolute incredible game, my personal GOTY so far! Story was quite fun, the writing is incredibly good, especially for a translated game. It felt believable, so did the characters.
At no point did the game seem to drag on. The pacing is pretty good and the introduce new stuff all the time. Only the beginning is a bit slow but it picks up after a couple hours.

Difficulty wise this is (in my opinion) one of the easiest Ys games, thanks to two gameplay mechanics which I'm not going to mention for the sake of spoilers.

Ship-combat is pretty fun as well, but getting repetitive due to lack of depth. Thankfully, for the most part you can decide for yourself how much you want to engage in ship-combat. There is even a consumable item that lets you skip certain ship-combat encounters. This is one of the many reasons why I think this game really respects your time.

Conclusion: If you're an Ys fan, go play this! If you like fast-paced semi-open world action games, go play this!