According to ESRB, this game contains: Mild Suggestive Themes, Language, and Mild Fantasy Violence
Parents don't need to be too concerned. The game definitely skews towards the teen demographic in terms of presentation, but in that regard the only item of note is that the female characters' outfits are vaguely revealing. Otherwise, everything is quite harmless—the monsters featured in combat don't even touch each other, instead striking at the air or doing some sort of dance all by themselves and having the damage magically assigned to the opponent.
PSP gamers craving a quality RPG experience will most likely be disappointed. Although the mechanics and ideas here are solid when looking at combat, the game is absolutely drowned by having half (if not more) of the total playtime consist of clicking through insipid dialogue. I'm a gamer who loves a good story, but this game does not have a good story. If you've got the patience of a saint, go for it. Otherwise, steer clear.
Deaf and Hard of Hearing gamers will have no problems. The game has a very solid subtitle option and due to the turn-based nature of gameplay, there are never any auditory cues or other sound signals that factor into the enjoyment of the core experience. RPGs are generally the most Deaf-friendly genre, and this holds true here as well.