Random-battle haters will love the fact that, just like in FFXII, enemies will be visible on the world map and there will be no transitions into combat. The combat itself looks quite complicated. The familiar ATB (Active Time Battle) system seems to be present, but multiple actions can be chosen per turn, according to how many points each action has assigned to it. For example, Fire costs 1 point and Firaga costs 3. So far there appears to be a 3-point limit per turn. Hopefully this indicates a rich combo system, much like in White Knight Chronicles.
Enemy names and HP are visible during battle and there appear to be "chain" and "bonus" systems, though what exactly these do is still unknown. With a demo being released in Japan in three months, we should know more by then. Don't get too excited, though. You almost certainly won't get to play it in 2009.