I'm not that far in (chapter 4 at the moment), but so far I've found the battles to be a good enough balance between "just pressing attack" and having to do a bit of planning. The first menu option, which automatically selects a series of attacks for you, does make it easy, but it's not like you're forced to use it only and since there's no 'ATB: wait' option this time I like having it. (Unless I missed the wait option, I only saw one for setting the battle speed to slower or normal.) Having to select each attack and then a target would probably lead to you getting killed a lot.
More of the strategy seems to be in the whole Chain/Break and Optima systems. It's still not one of the hardest games ever, but I like the balance so far.
Also, I'm glad that you're healed after every battle, personally. I would have used up all my potions otherwise.
I'm still in the 'linear' first half of the game, but I like the ratio of gameplay-to-cutscenes as well. I don't particularly mind cutscenes, I'd rather get rewarded for my playing through a dungeon with some cutscenes than just another dungeon to crawl through. But so far I think it's done a good job mixing it up. You're not left wandering around with nothing going on for ages, and the cutscenes aren't anywhere near the level of MGS4 (or even Xenosaga) and just break it up a bit.