What I don't like is I can't check the character status when in shops. For example, let's say at the rune shop I'm deciding what to attach to my characters and want to check their rune affinity. I have to exit the shop menu , then press square to enter the general menu, move the cursor down to "status" and so forth. It would be so much more convenient if I could check character status directly from the shop menus.
But overall, it's definitely extremely handy for carrying things over to new game+. In Suikoden IV, you'd have to think "gee, which character did I put that rage rune on again?" and keep switching the current party members to find and remove it.