Okay, I got through the first dungeon (Daedalus Tower). The beginning of the game was tough, died several times until I found an adequate way to distribute the heroes starting stats, which gave me a good edge through this first part.
The labyrinth itself was easy, the main problem being that, until you defeat the boss and acquire the Calm Gem, you have to walk all the way back to the 8F in order to restore health, get the password, fuse monsters etc. It's a pain, but it helps that the dungeon layout is simple and the monster encounter rate is surprisingly low (especially when compared to the first Shin Megaten...), so you can get back to the spot where you were in a matter of a few minutes - assuming that you have made your own little maps, that is
Of course, not being able to save and instead having to input a huge ass password is the most aggravating feature of this game; which means that you have to re-summon your demons, which costs money, and everything is very expensive in this game, so...damn.
Speaking of the boss, he killed my heroes several times, even though my levels were good and i was easily defeating normal enemies with the help of Cerberus; had to fuse two of my monsters into a more powerful one, which packed more powerful spells (Psycho and Hama, which dealt 70-80 pts of damage per turn, a huge plus), in order to kill that bastard.
Now it's on to the Valhalla Corridor. Let's see how far I can get in this game...
Here's my stats and password so far, just in case someone wants to check this game out: