I'm a huge turn based fan and I've wanted the FF series to return to that style of combat for a long time now, but I cannot deny the combat and indeed game as a whole looks amazing, it is easily my #1 most wanted game next gen right now, maybe even more than Fallout 4. This will be the best FF game since FF7, there's not a doubt in my mind.
The combat is still tactical the way Kingdom Hearts is tactical (it uses a beefed up version of this combat). This is not a third person hack and slash game, it just looks that way on the surface. This game still has a party system (you can see the 3 health bars at the bottom right of the videos), there are still spells (you can see them casting fire), and there are still abilities. If you watch the video I'm linking you can see his party members interrupt attacks for him mid-combat (where they stand in front of him to block/deal damage), this will probably be a common combat feature. You can switch between characters in battle and control them if you want to (as is the case with almost all JRPGs). Think Kingdom Hearts combat with tweaks/upgrades/on steroids.
I'll also point out that it is set in the same universe as the FF13 games (it was FF Versus 13 when it started production), but it has 0 relation to any of the FF13 games, it is set in its own world, time, story, characters, everything. There will be a few similar things but they will not tie into any of the FF13 games at all. A huge world is in this game that you can explore via Chocobo, cars, airships, etc. There will be a day/night system that effects which monsters show up. You are always in control of the main character outside of combat, it follows 1 central main character so it is not like FF13. These are all confirmed for the game.
To get a better feel of the combat/gameplay, watch this video below as it is mainly focused on the combat: