this isn't so much an RPG as it is a Visual Novel with a really good battle system. That being said, you still can pick skills to learn, and most equipment balances out pros and cons. Since there's so much loot, there's really no need for levels. Imo, it actually makes the battles more intense, since going back and grinding for exp is no longer an option, forcing players to do as much damage with the equipment they currently have access to.
EDIT: While I'm here, a sincere apology to @3Dash! I didn't realise I remembered the name of the item wrong- sorry if it caused you too much trouble 

