Framerate seems kind of low, but that's to be expected.
Not the framerate but rather the number of frames of animation. Not really the same thing.
The running is awkward as heck at least in part because the way she runs is awkward as heck (i.e., artistic rather than technical problem).
They continue to refer to the guy as the protagonist, which is especially weird when they say (quite literally) that the protagonist is suddenly killed. OK, so after that they talk about going back in time to prevent it, but it still seems to be entirely from Toki/Towa's perspective.
Battle is pretty much what I expected, which wasn't really high expectations. Not really impressed.
Third; I still can't figure out if Launch is/are the only playable character(s) or not. It looks like she gets ganked in one cycle and I'd put money on somebody else taking over for gimmick/party building purposes.
Fourth; the plot. With the game borrowing the X day cycle mechanic from Majora's Mask, this leaves a couple of questions.
I have no idea what you're talking about with any of that. First of all, who is Launch? What's this about cycles? They only mention going back in time once.