While Game|Life doesn't provide many specifics, its post does draw some big comparisons, describing Blue Dragon as a fusion of Dragon Quest and Chrono Trigger, with "maybe" a dose of Grandia. Game|Life notes that enemies are on-screen (i.e. no random battles) and that the Job Change system (from Final Fantasy V) is featured in Blue Dragon.
Game|Life's description of Lost Odyssey is even more provocative, as it declares the game to look like a "much more dramatic" Final Fantasy. We're sure that Microsoft has its fingers crossed that this impression will stick -- and spread. We'll hit you with our own from the show floor in the coming days.
In the meantime, see for yourself: