So far I'm completely underwhelmed. Maybe it's just because I'm not high rank or because they had to work a lot on getting the system itself implemented before they work hard on the content itself, but I'm not impressed.
In all of Gridania I found only four quests. All of them rewarded terrible items I'd be better off just buying or making myself, and definitely no better than ones gained from levequests. The "story" content was perhaps a bit longer than your average levequest, but mostly the only difference was that it was read out by an NPC instead of written in a box at the leve issuer. None of them gave any great insight into the world over leve text, and the actual objectives basically boiled down to the same "kill X of M" or "collect X of I from M" as leves. And then on top of it all nothing you kill can give SP or drop items.
Essentially, all the ones I picked up had about the same content as a leve, they just came from an NPC and gave no rewards.