Yup. Being able to cover massive chunks of gameplay with just the left analogue is so awesome... [/sarcasm]
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What's your frame of comparison?
After all, it's all relative. If you compare the fighting to some of the great CRPGs, then it falls short. But if you accept JRPG combat for what it is, and compare FFXII combat to that, then I think you'll find that it's a winner.
No random battles. No battle transition screen. That epitomizes awesomeness for a JRPG.
But then again, for some people I guess there's no accounting for taste.