Iris is nothing like the PS3 titles. It's much more of a conventional JRPG with crafting elements on the side. There are no time limits of any sort.
That said, though the hardcore Atelier fans were upset by the drastic changes a lot of people seemed to enjoy Iris. It doesn't really feel much like an Atelier game, though.
Good golly how I've wished for years they would return to the Iris formula for an installment or two. I'm probably amidst the minority of Atelier fans when I say it, but I REALLY felt "Iris" was a great direction for the series. In fact, I would go so far as to say it did wonders for fostering a larger fanbase for the franchise as a whole.
I personally would not regard the Atelier name as highly as I do if it were not for Iris.
Additionally, I can credit the first Iris game as the
title that made me realize crafting items and inventory could truly be F-U-N.