According to ESRB, this game contains: Fantasy Violence
Parents don't have anything to worry about. Wild Arms: Alter Code F is totally standard videogame stuff with the same cliché content that can be found in just about any role-playing game. There's no questionable language and no sexual content, and the only violence consists of the main characters putting the smack down on a variety of monsters and such. It's all relatively harmless, not even meeting the same intensity of content founded the average afternoon cartoon.
RPG fans will find the ultimate average experience. The game meets all the necessary criteria, but brings nothing new to the table and doesn't really excel in any area. Throw in a few design decisions which don't make much sense and the finished product is something that can kill a weekend but will be forgotten by the following Wednesday.
Deaf and Hard of Hearing gamers won't have any problems. All information is relayed through text, and there are no significant auditory cues.