This gameplay trailer for Matrix Software's Avalon Code provides a nice representation of the ARPG's gameplay, as far as we can tell: fast-paced battles against big hobgoblins in silly hats, with menu controls in the lovely book-like interface on the bottom screen. Here, we can see a player switching out characters in the middle of this hobgoblin battle.
Interestingly, data about the hobgoblin doesn't appear in the book until the hero has pulled off a combo attack against the creature. It appears that the basic attacks still caused damage, but that there's some kind of prerequisite for obtaining monster information.
We're pretty sure the actual game will have sound, by the way.
Gallery: Avalon Code