I'd never heard of that game, so I went and took a look at some videos about it on YouTube. Yeah, that's the vibe! The graphics weren't great, but it looks like it had a fair amount of stuff going on in it. Certainly fits in the same vein as the games that inspired Ultimate Odyssey.
My main memory of it was that the game was brutally difficult. The way to get levels early on was to rush into town, kill the jester then run out. Rinse and repeat. I remember doing this for like an hour and then finally I could handle a fight in the wild.