What is the story like?
To get this out of the way: it was kind of distinguished mentally-challenged for SK to try to cram an actual story into this game. There's like 15 minutes of boredom after the first dungeon as you walk around Aesir and watch cutscenes. This sort of storytelling really doesn't fly with games that are basically twitchers.
But judging the story on its own, even if it were, well, wedded to gameplay that supported it, it's not bad. It's not nifty like Eternal Darkness or Legacy of Kain, but it has its charms. There are some howlers of dialogue, although most of the really bad lines seem to be in the incidental in-game dialogue. One of the problems is that the game dumps you right in without doing any setup or exposition so you know what's going on. If you've read a bit of Norse mythology, you'll catch up quickly. The voice acting is good around the board. Silicon Knights seems to always do well with voice acting. Well, again, some of the incidental stuff is iffy, but nothing too terrible.
But no, so far it doesn't live up to Dyack's lofty noodlings on narrative or anything like that.