According to the ESRB, this game contains: Mild Violence
Parents don't have anything to be wary of with this game. No sex, no foul language and the violence involves only blasting enemy airships and robots. It's also interesting to note that every enemy pilot parachutes to safety after being shot down, so I'm not even sure if there's any killing in the game.
Gamers in general should probably stay away. The story is dull, the characters are flat and the action is lifeless. It looks like something that should be on the Cartoon Network, but besides the visuals there's nothing here.
Shooter fans... don't even think about it. My advice would be to wait for the upcoming Panzer Dragoon sequel on the Xbox.
Deaf and hard of hearing gamers can enjoy full text accompanying the lengthy cutscenes, so no access problems there. "Enjoy" might be the wrong word, though.