Alas, it does not.
CD2 is a watered-down Roguelike, much like
Azure Dreams, but it's nowhere near as complex or enjoyable as most free Roguelikes out there. The use of
Final Fantasy characters does not make a good game, and while
CD2 may be a good introductory Roguelike for kids, it's not the sort of game you'd want to play over and over.
You take the role of Chocobo, the yellow bird-thing we all know and love. He, along with his friend Mog and new friends like the omnipresent Cid and a cute white mage, are off to save the world and get some treasure. Plot comes at you in tiny snippets between dungeons, and 95% of the game is spent running around the dungeons themselves.
As the dungeons are randomly generated every time you play, there is supposedly 'infinite replayability.' Well, if you enjoy seeing room-corridor-room in a limitless number of combinations, then perhaps CD2 will give you said replayability. But the dungeons are dull and lifeless, with enemies spawning out of nowhere to attack you, repeating textures, and the occasional trap to screw you up.
Most of the Roguelike trappings are in Chocobo's Dungeon 2. The game is turn-based, meaning that no one moves until you do. You move 'first,' however, allowing you to get a hit in on a fleeing monster before they move a square away. Careful consideration of timing is important in Roguelikes, and it stays important in CD2. You also have the items with random adjectives (Bubbly Potion, Scorched Card, etc.), and you've got to Identify or use one of a type before you know what it is (perhaps a Haste Potion, or a Sleep Card). Of course, many of the items have a negative effect, so you should make sure that you're all alone before you use an item.
You can also do some neat things like combine your weapons (claws) and armor (saddles) into bigger and better items. There's actually quite a bit of tweakability here, which is nice, but at times, it feels like such complexity is lost on the game.
So you're going down through endless dungeon levels, fighting enemies. You generally have a helper, who can heal you or steal items from the enemies or whatever. You can cast spells (all classic Final Fantasy types, like
Fire and Blizzard and Aero). And you can summon monsters to fight as well. Unfortunately, that's just about all there is to the game.
The game is geared towards children, at least graphically, and as such, the lack of some complexity is understandable. But it seems that there's just not enough here.