If you understand Japanese, get ready to know more than you probably wanted to know about The Last Story's battle system. Like the "gathering" tutorial that Jim posted a few days ago, this video is very thorough. There may be more to the game's battle system than this, but if so, then... that's one hell of a deep battle system.
My Japanese is too poor to make out most of it, but I still enjoy just watching the way this game plays. Videos like this have made me more and more confident that The Last Story will be worth importing, if and when we get the final word from Nintendo that they won't be localizing it.
That said, I'm really counting on you, fan translators. If The Last Story does get abandoned by Nintendo of America and Nintendo of Europe in the long run, I hope you're willing to pick up their slack (again).
The Last Story - battle system demo [GoNintendo]