You can create up to 7 characters (which is convenient, seeing as there are 7 classes), and you can have 4 characters in your party at a time. To swap out characters you just have to visit an Inn. (You also have to visit an Inn to save the game, and if you close the game in the middle of a dungeon, it won't Auto Save, so this is not a game to play in short bursts...)
The writing is really well done, although I've only made it to the second city so I'm really not sure where the story is going? Anyway, the dialog is great, and all the menu options are pretty awesome as well (status, equipment screens, etc.)
What I like best so far is that in the first town, there's what they call an "instanced" dungeon - a dungeon that's completely random based on your current level. Tons of random encounters and one boss (and the boss usually kills at least one of my party members, but they can be revived at the Inn.) There's also some treasure, and often times the random encounter enemies will drop a treasure at the end of battle. I've spent more time grinding in the instanced dungeon than I have actually following the story, and I love it!
Anyway, a few basic screenshots:
Dungeon View
Battle Screen
Status Screen
Equipment / Inventory Screen