I picked this up yesterday when I was out looking for good PSP games.
So far it's like Etrian Odyssey, only it actually gets fun after the first couple of hours :) Meaning it's sort of a simple quest-based dungeon-crawler, maybe a little on the difficult side.
It has the same ridiculously cute design style as EO, but the item creation stuff is more interesting and a little more intuitive. Instead of FFXII-style ("you sell me the stuff, I'll sell you the weapon") it's item-combination.
Seems to occasionally have Diablo-style megadrops. I found PE Pants +6 and a Sling rock +5! I think that puts me in good shape as long as I don't run into Judgments again. Or at least keep my mage alive, should I do so…
The different races and the ability to switch "majors" (ha) give it the complexity that Etrian Odyssey needed, but the built-in special abilities take away the need to mega-optimize your skill points. Sure, you don't get to choose new stuff on level-up – but CoH is interesting enough regardless… at least, so far.
Most games like this have fairly bland race interactions, but CoH has some pretty interesting races set up (aside from the obligatory cat-people). I actually have no dwarves or elves in my party because they don't get along with all the other races like you'd imagine.