(Note: PS4 version isn't out til next year)
It's a new Ys game - the first one since 2009. Falcom's quite a different company in terms of what it sells now compared to then, and it's interesting to see how Ys has changed in this time.
The first thing you're likely to notice is the art - it's all very Trails now. I'll admit I'm not a fan of the style and I think the models look very low budget, but it's clearly what works for Falcom. Same with the cutscenes; there's now a LOT of talking and that's often done with a big side of slowly panning cameras. I think that there was more combat in Black Rose Valkyrie in the very beginning and that's part visual novel! In any case, Adol ends up shipwrecked again but this time it's on an uninhabited island and he needs to find fellow survivors.
Once the game actually lets you play, the whole thing improves massively. The game system is based on that used in Celceta, which means flash moves and guards, special attacks and gauges all over the place. They've added a jump as well as the dodge, which makes up for the lack of being able to repeatedly dodge faster than you can run. I'm sure that with Adol on anything that's not downhill, repeatedly jumping is faster than simply holding down the "run" button. The three characters you end up starting off with are fun enough to use; Laxia the fencer I haven't had much cause to use as her attacks are very narrow so hard to hit enemies with while Sabat the fisherman carries a big broken anchor with lots of slow but powerful swinging attacks that hit lots of enemies at once. It feels more like you can use who you want more often this time around as I don't think there are quite as many enemies with single weaknesses.
They've really powered up the game outside of basic combat, too. You end up building a camp and expanding it with shops (which work by exchanging items rather than using money) and survivors, who help at certain blocked points - once you reach a certain number of survivors you can call upon them to move the tree or boulder or whatever out of the way, opening up the route. There's a quest board, and there are also base defence missions with scoring. Along with the Falcom favourite fishing, even when you're not in a big cutscene or mapping out a new area there's plenty to do.
I'm not afraid to admit this left a bad first impression. It really felt like it had become more like "Ys of Cold Steel" early on, but as the game's gone on and it's interfered less the pacing has improved. I don't mind cutscenes; I do mind being stopped constantly in what is supposed to be an action game. Fortunately, that has improved as the game has gone on.
Here's a video. I didn't end up capturing the start... well, I did, but I thought it was so hands-off it wasn't worth putting up. Instead here's some footage from a few hours in, showcasing part of a dungeon, some of the cutscenes and the first defence mission.