Lost Odyssey is a very good jrpg.
Lost Odyssey at first glance appears to be nothing special. It looks like a 90s style console rpg living in the past. Generic. Boring. Frustrating.
However, when you actually play it, you realize that it's something special.
It's not that the game neccessarily dives into worlds we haven't seen before, at least in terms of gameplay, but at its core, it's an extremeley solid game. Its combat is fun. Random battles don't occur every 5 steps and it truly feels like a modern game but with traditional mechanics.
As for the story, it's one of the best. Very sad. I don't want to go into much detail but it's about a man who can't remember his past (go figure). His past is revealed throughout the game. He finds himself that he is betrayed, reuininted, departed, alone, together, and so much more. Such a good story as it gets going.
So is this the xbox's Final Fantasy? No, Final Fantasy is the xbox's Final Fantasy. That being said, Lost Odyssey is much darker and toys with emotions more so than Final Fantasy. Is it comparable? Very much yes. Could it be considered a FF game if the label was put on it? Perhaps, but it'd definately be a large departure of the series.