I for one am excited that FF15 is trying to break way from the ATB system that FF has had forever. Though I suspect people are jumping the gun by saying this looks more like Devil May Cry.
Pfff what? People who says that has no idea what they are talking about.
The combat in DMC (and fast-paced action titles in general) is very different from what an RPG could offer because their roots comes from fighting games (and other types of arcade games in some cases). XV has always been assumed to have a battle system that is a mix between the best of Kingdom Hearts with the cinematic aspects (or qualities) of Advent Children.
As of late stuff like Crisis Core, the XIII series and Type-0 have given the path to the series to move into a more action-oriented type of gameplay, which I think is great, but I hope that SQEX doesn't entirely forget that you can do a turn-based battle system that feels fast without removing any or most of the strategic elements of what that type of game is expected to offer.
As for the FF15 being a Fantasy based on Reality, I don't think this is meant to imply that the artwork will be super realistic but that the storyline will be tied more closely to characters with realistic motivations. Lets face it, villains like Kekfa and Sephiroth were never presented as realistic.
The taglines that Versus XIII has had in trailers are quotes from Shakespeare, and that along with the theatrical tone of the story has made people think that they are going for a tragedy of some sort.
Also is read this
to makes things a bit more clear.