The Esteemed Mr. Erlewine's take, excerpted from Allmusic.com's review of the album:
"As the album's fall 2006 release date approached, Steinman took Meat Loaf to court over the record -- after all, not only had he written the Bat Out of Hell albums, but he owned the copyright to the phrase, so Meat needed permission in order to release the record. Permission was eventually granted in an out-of-court settlement, paving the way for the October 2006 release of Bat Out of Hell III, a record that had many Steinman songs but in no way features his involvement in the recording or production of the album. And, boy, is his absence ever felt! His presence looms large over the record -- quite obviously on the songs he wrote, but the very aesthetic of the album is copied wholesale from his blueprints -- yet it's the ways that Bat III is different, both big and small, that points out who is missing at this party.
....
jarring shifts in tone are common throughout The Monster Is Loose, not just as it moves from song to song, but within the tunes themselves, as Child's compositions chase after the grandeur of Steinman's work yet bare all the marks of a professional who is playing a game without bothering to learn the rules. The same is true for the very sound of Bat III. Although original Bat producer Todd Rundgren adds some necessary pomp with his vocal arrangements, the album is at once too heavy and too clinical, lacking the gaudy, gonzo soul that made Bat Out of Hell irresistible camp. It's a brightly lit mess, but there is one redeeming factor here and that's Meat Loaf, who is singing his heart out as he valiantly tries to make this Bat a worthy successor to the originals. That he fails is not the fault of his individual performance; it's the fault of botched execution. Perhaps if he were teamed up with a Steinman who was ready to play, they could have turned Bat Out of Hell III into something special, but going it alone, Meat Loaf was missing a crucial element of what made his Bat albums magic. It's like Harrison Ford shooting a fourth Indiana Jones without Steven Spielberg's direction."