The open world is completely removed. It's replaced by a map-based transit system. While it does remove a feature, sure, it removes a feature that really wasn't needed in the first place. As far as I'm concerned, it's an improvement. You do get to play as Shinobu for some of the second game.
That's too bad about the other games, though. I really liked Madworld for some things…certainly good for stress relief.

But yeah, it certainly has its fair share of flaws, and to be fair, I got it super cheap, so I was pretty willing to overlook a lot of problems when I played it.
I have to agree with you on JRGs…it's rare I can get into a modern one. Love older ones, though.
I had been considering picking up Muramasa though…what exactly turned you off from it, if you don't mind me asking?