I downloaded it a few weeks ago and I will say I was hooked. The controls take a tad bit of getting use to since it's all touch screen and you have to be pretty precise when trying to talk to NPCs at times.
I haven't ever heard of Vay before so I'm not entirely sure what it looked like then, but it look pretty good now. It even has some cheesy cut scenes to bring a little more depth to the game.
Battles are turn based and work quite well with the touch screen. Everything is easy to read and the battles look nice with some small special effects with the physical attacks and magic.
The only con is the inventory system. A lot of people complain about the menus since it basically just looks like a default iPhone menu. I personally think it looks and works just fine, but that's just me. Before they updated it, buying stuff from item and weapon shops was a HUGE hassle since it displayed no information. Now, since they did fix that, it's become quite a bit easier but still has a little learning curve.
Overall, for $4.99 you aren't going to find a better experience out there yet. So far, there isn't really any other RPGs out there for the iPhone so I suppose that alone makes it alittle better since there is no competition. If you are into RPGs you won't be disappointed.