Depends on your perspective. For some people, hard = fun. I wouldn't necessarily agree.
And someone mentioned PoR lv1 mode as equal to the challenge of old school games. Uhm, no. Bad example. Even at lv1, the game still lets you use Ancient Armor (guaranteed 10 hits), healing items (abundant, and with Ancient Armor basically means = no challenge) as well as the Miser Ring (which means that if you exploited Wind's quest glitch and sold a buncha Thief Rings, you'll get an instant 99 ATK boost). So in the end, lv1 mode is just a big failure.