Do play it! I was dubious when I first read about it when it won Best Story on Gamespot's GOTY Awards over AAA contenders. But make no mistake, I have never had such appreciation for a game's story before.
It's like a story taken from a good book. Gameplay-wise, there's not much in it.. But it works. And the music is great. The "16bit" graphics may look pretty shit, but that just immerses you into it.