The sequel has the same graphics as the original FFIV (maybe a little better)...cell phone games over there are way better btw...I still dream that they'll eventually port this on something we can actually play...or maybe a fan translation...
Yeah, and Japan definitely holds cell-phone games to a higher light than we do here--and the quality looks damn good...and I'm hoping for the same thing, a port or translation of this would be great.
If anyone's interested in screen shots
there are some here, just click on whichever character you want to see in-game.
And you're right, it's not impossible for FF characters to be modeled off CT characters, but I'd hope that they wouldn't drastically change the characters and still claim they're one in the same.