It's pretty good. It's really nice looking. Maybe not the nicest from a fidelity level, but the detail is especially astounding, moreso in act 1 than in 2 (which is as far as I am now).
Gameplay is better than it's ever been, though it still has a janky feel to it. The story, well, hasn't fared so well. It feels like it goes between pure fanservice and MGS2-style incoherence. I am sure the usual suspects will try to spin the story as being great, but it's really messier than it's ever been.
So far, so good, though. Gotta say I appreciate the codec being downplayed.