In Homage to Tomorrow's KMS Conference..

 Spoiler

So far, from what I seen, it seems pretty bland (because I don't really see all that much variety, yet).

From what I understand, you catch a monster using the Monster Trap skill, and then you can set it as your "Champion Monster", which will probably follow you around like a familiar. Then as you kill monsters, the Champion Monster gains some percentage of your EXP and levels. Leveling it increases its HP and base damage. You, I think you, the character, can rank up (advancing to higher brackets, I think?) and stuff as well, but every monster also has its own tier. You can equip your monster, but like with Mech and Dragon equips, they won't actually show up on your monster. There are quests for you to learn skills on your monster. Battling itself seems turn based, with attack and defense skills, but none of them are 100% success, but there are skills to boost success rate. It costs a certain amount of points to use skills, and they take a certain amount of turns to cool down. There's a bunch of event quests which award you prizes winning or losing a certain amount of times, like 'Win 1000', 'Lose 1200', 'Win Once a Day', 'Lose Once a Day'.

It definitely doesn't sound that bad. It sounds better than the familiar system we got now unless it starts requiring NX. As for variety it'd be normal if they decide to start it off small and update it along the way with new moves for monsters, skills, usable items, and stuff.