Here’s the long answer from the ESRB.
This is a fantasy role-playing game in which players control a hero and his troops through a span of five generations. Players explore towns, travel along map points, and fight humans and creatures in turn-based battle. Combat consists of small characters standing in place as players select weapons and attacks ("Trick Hit," "Earth Needle," "Magic Light Field," etc.) from a menu screen; damage is indicated by various slashing sounds, light effects, and floating hit points rising above characters’ heads.
The game depicts several female characters whose breasts are partially obscured by towels, hot-spring mist, bed sheets, and revealing costumes. The dialogue contains numerous "peeping" references, and brief innuendo about "strange foreplay." In one cutscene, female characters in a hot spring discuss relationships, boyfriends, and compare each others’ bust sizes: "I wonder if Leo prefers them large," "Yours will be just as large once you become an adult," and "Large is better than small in any event." The game contains alcohol references (e.g., "A toast! "To ale and beds!" and "Many years of drinking . . . taught her the secret to avoiding hangovers"), including a sequence in which a character slurs her speech, hiccups, then falls asleep on the tavern floor. Characters sometimes use language such as "bastard" and "damn" in the dialogue.
Drinking, hot springs scenes, and floating hit points. The real Record of Agarest War starts now.