On the gameplay-side, it's pretty entertaining. Definitely a "game" in every way. I like it.. a lot!
Graphically, it looks on par with the best unreal engine games out there.. what truly helps is that, just like Gears, it runs smoothly (even on PS3, which is kinda rare for UE games). Still, I fear that this engine is restraining level designers a lot.. they have to hide flaws through their design (so you get corridors/open space/corridor/open space and so on... along with "appearing out of nowhere" enemies). Anyways, it looks good, controls are fine, combos are fun, shooting is fun... all I care about now is that option to turn OFF the "mature" language. Hopefully it will make the whole experience better...