This particular piece is the basis of two cutscenes featuring the Phantasy Star main cast in Phantasy Star IV's Elsydeon sequence. You can see that Alis is simply holding an outline of a sword, rather than a finished blade. The monster that is behind her in the final cutscene is also missing. In general, these sketches seem more detailed than the Genesis cutscenes based on them.
You may view the gallery page for Sketch: Alis & Friends.