Love this game. I've 100%ed the first third of the game so far today. As has been noted - it retains all the visual effects that were missing from the PS3 version.
It does have less options to change control settings as it's the original version though. So for me when I go into the first person targetting view mode - left and right are the wrong way around for me. As a superior inverted Y axis user - at least up and down are fine. I couldn't see anyway to change this in game. This is a minor issue so far and as far as I can remember there isn't any sections where this view requires fast muscle reflexes if you momentarily forget which way round the controls are.
I will just confirm - left and right camera controls whilst controlling Jak in third person (IE normally) are the accepted way around and the game plays great.
I don't really like the 16:9 implementation in this game though. It just cuts off the top and bottom of the screen so it looks a bit zoomed in. This is how worked in the PS2 original, I assume without checking. I changed it to 4:3 and I just found it more pleasing on the eye and more playable. I am an old fart though, who played in 4:3 for many years. This maybe less acceptable to those who still have more years ahead of them than behind them!
Framerate is good and seems to stick mostly to 60 FPS. Pretty sure I'm seeing a few minor drops every now and again, which didn't affect playability. Maybe these were in the PS2 original? I'm not Digital Foundry of course - so hopefully someone can test it properly.
Overall - this game is as good as it ever was and still the best Jak game IMHO. Will there ever be a day when Naughty Dog turn their incredible tech towards the Jak franchise? I can only dream.
The most important question: is there FINALLY an option for subtitles???
Nope - this is the PS2 version remember.