dtgreene: Anyone care to share about the battle mechanics
Try gamefaqs.com. I'll share my impression, I guess, but I've only played 1.1 Trails and 0.5 Neptunia.
Both are turn-based battles on a field, with initial placement of your party adjustable. Trails uses a grid, and Neptunia allows "free-form" movement. A turn consists of movement and action. Individuals get turns based on initiative (adjustable by how you start your encounter with out-of-battle enemy avatar) followed by delays depending on the speed of your action. Neptunia uses "combos" for the regular attack, rather than a single attack button. The available commands for combos are adjustable, and part of your character configuration. Both have SP attacks. As far as I know, only Trails has "interrupts" available if your character has enough SP. I haven't played Neptunia enough to notice, but I don't think it has any magic equivalent, whereas Trails does. On the other hand, Neptunia has many other complications to battle (partners, transformation, EXE meter, etc).
Neptunia is much more focused on item gathering. Prepare to battle the same monsters repeatedly to gather all of their goods for crafting, dungeon enabling, and completing the quest hub's quests. Trails' drops are mostly just money and elements, which can be gathered from anyone, and items that are available in shops. Neptunia monsters do at least regenerate after a short time (and both games regenerate monsters when leaving/re-entering an area, except for specials of course).
You asked about character development: as far as I know, there is none (other than XP/level) in either game (although Neptunia has partner affinity, I guess). Characters are adjusted using items, and other skills are fixed for each character. If you want to change your Trails character from a fighter to a mage, just change the "Orbment" configuration (i.e., what items are installed, and where), but some characters' stats are more suited to one role or another.
As to cut scenes, Neptunia seems to have much more of them, but you can skip them more easily (Trials only seems to allow acceleration of in-engine cut scenes).
Overall, Neptunia feels much more like a lazy console port. So much so that I can't play the game with the keyboard and mouse, but have to use a gamepad instead (which limits my playtime). I can control Trails easily with keyboard and mouse. Also, in Neptunia's dungeons, you can only save at save points, whereas you can save nearly everywhere in Trails (unless you have multiple battles connected by cut scenes, such as the final Trails in the Sky 1 battles). Trails also auto-saves into 10 round-robin slots on area transitions, etc. In fact, Trails doesn't really have dungeons in the same sense: the entire world is just interconnected maps, some of which have monsters. Neptunia's world is an overview map, where you click dungeons to enter (and cause them to appear in the first place either by story or specific item gathering).
Edit: Not that you asked, but I should also mention that Trails' characters are almost all at least 16, and many even in their 20s, so more towards Western age guidelines (although, as typical, one character had a "mysterious past" and "advanced training" presumably when he was 5). In contrast, Neptunia goes full Japanese with most characters being 8-12-year-old girls, with some of them having an "adult" transformation appearing to be in their 20s, but given that it's Japanese, probably more like 17.
Another thing I forgot to mention regarding Neptunia's grinding is that you can use crafting to not just open new dungeons, but also make minor adjustments to dungeons, further increasing the amount of repetition required to "complete" the game.