boobs almost falling out isn't exactly artstyle <.< but okay :O
Not trying to defend the game or chara designs, because no matter how they are viewed ultimately they were designed to appeal to a certain player demographic, but purely within the context of the game itself the 'style' of it seems to be trying for a 'painterly' type effect.
The overall 'look' of the game seems to draw inspiration from Boris Vallejo/Frank Frazetta style oil paintings as well as Baroque-style artists like Reubens, et al.
Again, that doesn't excuse the choice of designs (as even those artists, both contemporary and Baroque, feature half-naked women with boobs falling out as themes) but it does seem to actually be a style that was chosen for emulation for the "look and feel" of the game. In that context, it's hard to say that those particularly exaggerated features stand out quite so clearly when viewed in a screenshot instead of a stand-alone chara image no?