According to ESRB this game contains: Animated Blood, Fantasy Violence
Parents don't have anything to worry about. The violence consists of a hero swinging a sword or other similar instrument and watching various monsters and creepy-crawlies fall over. There's a bit of blood, but the action is usually so scaled-down in order to fit it all on the screen that there is very little detail that can be noticed. There is no questionable language or any sexual situations, though the womenfolk in the game do tend to lean towards the busty side of the spectrum.
Fans of Diablo-ish dungeon crawlers will want to skip this title unless your only option is the PSP. It has no high points to recommend it, and succeeds only in meeting the bare minimum requirements. It's so dull, in fact, that if you find yourself faced with a long plane ride, I'd recommend bringing a paperback instead of this game.
Deaf and Hard of Hearing gamers will miss out on sporadic audio cues, but the game's map system actually does a great job of presenting visual information. All of the dialogue is accompanied by subtitles, so no problems there. It may not be fun, but it's accessible.