Is it me, or does Materia sound a lot like gemming in WoW/manastones in Aion? I'd say it's a bit more analogous to your garden variety enchanting, but with "slots", that's the feeling I'm getting.

Not that it's bad, mind you. It'd be cool if materia worked a bit like it did in FFVII, where it could also boost spells of a certain element? Eh, don't mind me.