I think to Remember Shenmue 1 was released for Dreamcast, or some SEGA console. At the time I didn't have a Dreamcast, and the game didn't really attract me very much, seemed to be a kind of Sim RPG with quick events in between, much like Heavy Rain was later on PS3.
The game plays nothing like Baldur's Gate or Final Fantasy that other people mention in posts Above. And mean, really, the way the game plays, has -nothing- to do with those titles, I hope you won't get misled. As I said, think of Heavy Rain for PS3 and you'll have an accurate idea of what to expect. It's not a bad game mechanic, but it's not for everyone either.
I'm really not excited by this game, but we'll see when it's released.