I love it, I bought it for my wife when I showed her the demo and she loved it. I'm a big fan of the Devil may cry series and have played through every game. The witty remarks by Bayonetta along with the over the top sexy-ness make it a truly great game. It does fall in the same sort of DMC Good Vs. Evil thing, but I'd say that the people who fight on hell's side aren't seeming like bad guys in this game. The storyline is weird and cool, and makes sense for all the fighting going on where people live, as now the heroin transports to an alternate dimension to fight bad guys, but you can still see the "ghosts" of people running around in horror as their cars are blowing up for no reason and glass is exploding all over the place.
I'd say it has to be one of my favorite games right now, and I even put down modern warfare 2 for a while to play it. Now we're just waiting for Army of 2 40th day to come out...
Oh btw, those filmstrip pieces are a nice touch because they are supposed to be backed up in time to during the action you had witnessed previously but did not show the characters talking after it as it would make a long scene even longer, so the character's mouth's don't move but it gives it a nice book feel to include you in a storyline, and since the game is made by Sega, they put a lot of little retro aspects in the game, like in 2 of the levels, you can have ancient Sega BGM play in 5.1 during the levels instead of the normal Japanese pop happy music. Yes, a lot of the game is accompanied by happy music while you kick a$$. Also note that the game is immediately launched in Stereo, and you have to go to options to change it to 5.1 if that is your desire. I think the graphics are great, and very smooth. This seemed to me like an actual showcase of graphics and a good idea, backed by a simple story, with an excellent main character.
Fans of DMC will note that you are not stuck with the same guns throughout the whole game. Or just guns in general. She carries 2 guns attached to the heels of her stilettos, and two in hand, all guns fire from that location, so to fire from the heel, she lifts a leg up and fires it right off the heel (somehow). You can swap weapons into each of the 4 locations, for instance, in her right hand, I now have a Samurai sword, in the left she has a double-barreled magnum, and 2 shotguns attached to both heels, so there is variety.
Overall, I'd give it a 9/10