This is basically an improvement over Blackmoon Prophecy 1 in every way except maybe the graphics in some cases. I'll explain:
The guy who made the portraits for this game did a great job (Reiner looks amazing), a much better one than I could've done, but I can't help but feel that Zephyr's face is at a strange angle, Sapphire's eye is slightly too far to the right, and Cid's forehead juts out a little too far (also Twill has a very round face, but it might be intentional so i'll leave it alone).
All in all, very little graphical flaws besides that, the plot is a decent twist on the typical Final Fantasy fare of "defeat the evil force" so no problems there. The battle system isn't a slog thanks to the ATB and the fancy effects during battle give a nice PSP-game vibe which is a huge plus to me.
I don't wanna spoil anything about the story since that's the most crucial part of FF games, whether they be official or fan-made. So I'll just leave a summary.
Pros + Graphics are clean and consistent, no RTB around here.
+ Music is good, not great, but nothing to make me cover my ears or lower the volume.
+ The characters, they're varied and a little more than just sprites who say one-liners in a textbox, each has their own strengths and weaknesses which inspires experimenting with different parties.
+ The ATB System.
Cons - A few of the portraits. I've also noticed a slight clash in portraits since the GPS Moogle is a picture instead of a piece of spritework, that may have been intentional but I'm not 100%.
- Some characters are insanely good compared to the rest (Siegfried), this isn't a big deal since this ain't no fighting game or whatever.
- Areas in the game don't really get varied until a little later in the story. It'd be nice to have less caves in the world of Final Fantasy.
= While the 4 person battle system works perfectly fine and very few people will actually have an issue with it, I feel that a 5-person system could add more into the whole aspect of strategy and even difficulty since it allows for more breathing room in designing enemies and their AI/Stats.
= It might be just my eyesight or my monitor, but the game seems a tad desaturated in the graphic department.
Overall: I'd give a 4.4 but due to limitations i'll just give a nice fat 4.5/5.