Xenosaga is not the best RPG out there, but it's one of my personal favorites. If you liked Xenogears then it's definitely worth playing though. The combat system isn't as elegant as Xenogears yet it functions in the same way. The character management requires more dedication than most whole RPGs do, however it can be very rewarding. Everything you've heard about the length of the cinemas is correct, however they didn't feel overly long or drawn out to me. In fact I found myself hurrying though sections of the game to get to the next cinema.
Overall I'd say that Xenosaga is one of the most ambitious RPGs ever made and if you feel that you're up for the investment (50-60 hours times however many episodes they come out with) you owe it to yourself as a gamer to check it out.