According to ESRB, this game contains: Suggestive Themes, Tobacco Reference, and Mild Fantasy Violence
Parents have absolutely nothing to worry about. The game is colorful, safe, and aimed at younger players. In fact, by taking the path of least resistance I'd say that it was a perfect beginners' action-platformer for kids. The fantasy violence consists of using a drill to attack harmless-looking monsters shaped like colorful blobs with feet, and the "suggestive themes" are concerned with one character in town who asks the player out on a date. It's pretty harmless stuff, and I'd be quite comfortable letting my own son play this game.
Action-Platformer fans will definitely want to check this came out. Falcom knows exactly what they are doing, and beneath the kiddie exterior lies a game crafted by experts. Don't be fooled by its friendliness towards newcomers, there is a serious amount of challenge for players who want it. And besides, this game is better than 90% of the other PSP games available, so pick it up for that reason alone.
Deaf and Hard of Hearing gamers won't have any problems. All dialogue in the game is accompanied by subtitles, and anything important that happens onscreen is accompanied by visual cues and (most of the time) slow-motion close-ups and scripted direction. Falcom has done a great job making this title accessible.