NeoGAF's Jonnyram and Chao have their initial opinions up on the Japanese version of Journey of Dreams. It's not looking too hot:
Jonnyram:
Heads up... this game is awful, and Sega has raped my memories of the original in the process.
I am NOT amused. I loved the demo at TGS, but they haven't fixed the framerate, and they've added a bunch of unnecessary stuff around the game itself which makes it one of the most offensive gaming experiences this year. DO NOT BELIEVE. I am sorely tempted to take it to a trade store in disgust, but I might also keep playing to see just how deep the anal penetration goes. Oh and you will hurl when you see the realtime cutscenes in this game. Seriously.
Edit for gory details: CG cutscenes look awesome, but NiGHTS (and Reala) now speak, and they have terrible voices. All voice acting is in English with Japanese subtitles btw. There is a 10-15 minute long tutorial, hosted by a talking owl who says things like "good", "oh", "visitor" - not sure what that last one is all about. The graphics during these segments are horrendous, sub-PS2, almost PS1. The game has a lobby area from which you enter each zone, so it's a bit like SMG in that respect. There are stages where you have a single run to get as high a link as possible and it ends when the link ends. They suck. Did I mention the graphics blowing in the realtime cutscenes... The music is awesome, but it's pretty hard to screw up NiGHTS music when you are obviously using the original score! Oh and they used some of the original samples too, but used one of them for something totally different and it sounds stupid. Fans beware.
Chao:
-TOO f---ing MUCH POINTLESS CUTSCENES.
-Cutscenes models sucks hard, they are SO ugly, NiGHTS' face is f---ing creepy.
-The controls feel a little unresponsive for me. In the original NiGHTS I remember myself nailing every ring and linking a lot of them, but I find the controls in this one a bit harder.
-Now every level has different missions, most of them kind of boring. The ranking system it's not like in the original Nights, where you could stay flying through the level until the very last second collecting blue chips and linking. Now it's more the faster you can finish the level or something, I don't really get it yet. Missions with the kids walking around suck really hard.
-The "My Dream" thing with the A Life system it's pointless, it's not like Chaos in Sonic Adventure, you almost can't interact with the Nightopians, other than carrying them from place to place. Also, the garden is HORRID.
+One of the levels, the Glass garden or something like that, looks really great. The game looks nice if you forget the cutscenes.
+Music is great too, many catchy tunes, but not as great as the original. The music in the character selection screen is the same you heard on the original NiGHTS, it made me smile.
+The persona masks thing looks interesting, I'd have to play more to tell
I don't know if the game sucks or not yet, but don't get your hopes very high guys, although it looks like it is a decent (but not awesome) sequel.