Honestly, I've only played the initial introductory bits. Maybe 15 minutes in right now, since Zelda is taking a huge chunk of my time. From what I can tell from that, it is the same style of combat as Chrono Trigger (someone who has played, please correct me if I'm wrong) but of course with some updated visuals.
It does appear to be top down as a throwback to SNES, possibly even more 3/4 view from the top. You do use techs and combo attacks like in CT, I have seen that stuff in preview videos etc.