I absolutely love Falcom games. They are my favorite dev by far. I loved the fun and quirky Legacy of the Wizard (NES) (though I never realized it was Falcom until later). When I had the chance to review Ys: Memories of Celceta (Vita), I jumped on it, and I have played/reviewed every Falcom game released since (and I don't plan on that changing anytime soon). I own every Falcom game on Steam, and have beat them all (except for Ys Origin, which I am very far in).
My opinion on current Falcom is that while I do prefer the more mature styling of the older games, the current games still have the 'spark' that makes them great. Older Falcom music gets the edge to me as superior, though. (But current music is still great.)
Xanadu Next and Brandish: TDR are fantastic and should be played by everyone. And that music... oh man.
The Zwei series is awesome for totally different reasons. They characters and music are so lovely. (Play Zwei:AA with original music. PSP remaster is nowhere near as good.) The gameplay in Zwei: AA is... mixed, but everything else about it is lovely. Zwei: II is great in pretty much every way and needs more players.
Gurumin is kind of like Zwei: 1.5 and is good fun, even if the Steam version has the occasional bug.
As for the two main ones: Ys and Trails, they are both wonderful in their own ways, and need to be played. Ys has excellent RPG action, and an interesting storyline/lore, though you don't need to understand it to enjoy the games.
Ys VIII is probably my favorite game of the last few years.
The Trails series is equally awesome for different reasons. The world building, character development, and lore are second to none. The PC versions are incredible.
Tokyo Xanadu eX+ is a really fun game that comes to its own in the second half of the game. The first half is positively boring, but the second is excellent. In my opinion, this game is best enjoyed by long-time Falcom fans, as the references and Easter eggs litter this game like crazy.
Both XSEED and NISA are great publishers that treat small sites like mine very, very well. No one questions that XSEED's translations and ports are second to none. And NISA really messed up Ys VIII. The redone translation is good enough, and the PC version is finally reasonably decent after the last patch, but nowhere near as good as the Durante ports (is anything?). Like all of you, I certainly hope that NISA makes the CS3 translation and PC port as good as previous entries.
Given their massive good-faith effort in bringing former XSEED translators and editors in for CS3, I think we should give them the benefit of the doubt and wait and see how well things turn out. Hatsuu has been clearly having fun working with Sean again, so I think the results may end up being great after all. Time will tell.