The graphics are pretty ugly - the character models aren't too bad, but the area textures and creature textures are pretty noticeably ugly, at least compared to how MH4U looks. If you watch any gameplay video, that should give you a good idea of what it looks like.
Although people keep comparing it to Monster Hunter, it's not really that similar once you start playing it, apart from the fact that you accept a quest, go out and do whatever you have to do, rinse and repeat, and that you craft weapons/armour with items you've collected as well as the layout of some of the menus and the central hub also being similar to Monster Hunter's. The combat relies much more on skills that are activated like in MMORPG's, quite a sizable number of the quests are aimed at defeating the smaller monsters rather than bigger ones. It's by no means a bad game, but if you're wanting or expecting Final Fantasy - Monster Hunter Edition, you will be disappointed.