I've been using this for a few days and you don't import anything, you get to make your own custom sprites (About 20 of them) by selecting a hairstyle, body and weapon for them a lá charamaker. There are around 50 songs for you to use and around 70 monster graphics. While it may sound incredibly limited (it is) it's still a really nice portable 'lite' version of VX. The mapping is done semi-automatically for you, towns have ready templates made for them but you get to place the buildings yourself; however you do get to make the world map yourself using a readily-made available tileset. There are also a nice batch of battle animations made for you.
The battles are done just like in VX, it's a Dragon Quest-esque scene where you see the enemy up-front. Now that I think about it, even the layout is pretty much a direct rip from Dragon Quest 4 on the DS. Any given map can have around 8 different encounters. There's also a memory limit for each game, there's a counter in the menu interface that shows how much memory you have left to use. There's a lot, though, so it's nothing to be scared of.
The event system is the exact same as in VX. You can't exactly event your custom-made battles or menus since the maps are handled differently in this version (Actually you probably could, but you'd have to be pretty darn good at improvising) which is a pretty big downside. I assure you that everything you get to pick from is of very high quality. The sprites and illustrations are all good and, gasp, even the music is fairly well done. If you're like me and can't stand gawking at the computer a lot but still need a tiny creative outlet I'd say this game is for you.
The japanese is very light and self-explanatory.