I always wanted this game and so I rented it. I was very very disappointed by it. the game is very slow and you rarely fight and when you do all you do is click X and you win.
I was surprised from the lack of skill this game takes. I was also surprised on how mediocre the customization is. You can choose from about 20 colors but can only use 6 on your character. I thought creating the character was going to be fun, but it's not.
I'm not done with this game yet, but I am on the last dungeon and so far it's been one of the most addicting games I've played in several months. I would imagine most of the negative reviews come from people who never actually played any old school NES RPG's and probably only were allowed to watch an older sibling play them. If you enjoyed the old school North/South/East/West dungeon-crawler RPG's then you'll feel right at home in this game. The story line is lacking, but only because it's supposed to, seeing as how the game is one huge joke ripping all sorts of old school games.
It's not a very long game, but if you want something to hold your attention and taunt you with the kind of good puzzles they just don't put in games any more, then I'd say rent it. It definitely held my attention for about 12 hours.