First off, I should state that the provision message for stat change messages are erroneous if the actor's stat defaults to at least 32. You actually get 12.5% per stage flooring at 3, with Defense Shower and the (Stat) Ups boosting the given stat by 2 Stages per cast. Offense Up was already good with this in mind, and only gets better. Defense Up/Shower is actually good now as well because the 0.7 SP chargeup from each hit by an enemy doesn't care about how much damage you take, only that the attack even hits one of your people. I'd feel better if Speed provided accuracy and evasion, but at least it can influence turn order...if you can manage to work with enemies' Speed values, which can be hard to see.
The SP system itself is a very stellar concept since it softens the attack-heal-attack-heal involvement, though it could definitely be pushed on harder, especially since Encores use SP just to have an extra turn that has only so much usefulness where things stand. Encores will undoubtedly scale better as the game goes on, but in the here-and-now, they feel more gimmicky than welcome.
Rat King was a first try victory for me that had me happy about Adrenaline Rush. Dr. Distorto, though, is VERY demanding of using Lloyd's explosive items, which at least has some degree of making sense, but all the same, there's some unpleasant oppression toward a blind playthrough or a run that isn't using explosive items. While I'm okay with the player being encouraged to rush into the Turns Red phase, that is a concept that the player should be smoothed into doing, not rushed. The "player prefer Turns Red phase" concept works with Meta Knight in Kirby Super Star on a No Damage Run as a result of the expectation of a staring contest having the player want to be ready, which if they're managing as much keeps them from being sniped by the pre-Turns Red attack intervals randomness. Dr. Distorto here has some definite counter play issues with the first phase; the Rocket Launchers would otherwise be actually welcome for encouraging keeping SP reserved for an Encore attack in case an Old Robot gets cheeky on the Rocket Launchers' launch turn.
As for Pippi, I'd be for her actually having a solid Guts stat in trade for Offense growth, so that she can feel a bit more unique and we'd have something in line with her character here. That would improve Wally's boss battle design.
It's still nice to have the SP system, and especially the Courage skill to improve the handling of healing. There are new problems, but hopefully, the devs are at least listening, because what we have is working out.