Had some time last night, so I took a look at Povo's application process. Started on their web site (Japanese), where they tell you how to request MNP from your provider. Rakuten was just a few clicks and they give you the reservation number.
Then I had to download and install the Povo2.0 app for the application process. Give them your email, address, credit card, and take photos of your head and ID. This last part was kind of annoying. They make you take photos of your ID front/back and at an angle to show the thickness. Then you have to take head shots slowly looking up and turning left/right. Took a few tries to avoid any errors.
Submitted the application last night, and they emailed a rejection this morning saying there was a mismatch between my ID and info/blurry ID photo. I used my Residence Card, which has a hologram on it, so I did it again using a MyNumber card instead. That worked and they approved it within an hour.
From there I took a screenshot of the QR code for the eSIM to scan it off my computer. Installed and activated the eSIM and changed the APN info. Verified that calls and data work.
Indoor reception seems similar to Rakuten (not quite full bars). One thing I noticed is that if you don't add one of Povo's data topping packages, the speed is about 128 kbps. That's fine, since I mostly want it for occasional calls. Even if I add one of the smaller packages, it's still cheaper than OCN, etc.