Difficult at some parts, the storyline and characters aren't nearly as spectacular as Disgaea.
Since the story is on the game info page, I'll get right to the point.
Phantom Brave by Nippon Ichi is a very good strategy RPG that allows you to move in a circular style instead of being restricted to tiles. You can also equip almost anything as a weapon. From a generic sword to a tree to a record player. Of course, each weapon has it's own special abilities. The graphics are beautiful. The music is entertaining and sets the mood, especially at boss fights.
As for the characters.......
They're pretty much just there.