Okay, right off the bat I've got opinions. I just picked it up yesterday, and I got to play it for about an hour before going to work.
Pros
The combat system is badass. It's just a hell of a lot flashier than the combat systems from the previous games in the series. Kain can telekinetically levitate and hurl enemies in practically any direction he wants, and I assume that Raziel will be able to do it as well. At this moment, I'm not sure what Raz is completely capable of. Both characters can toss their opponents into the air and string together badass combos, or blast their opponent away in midair with TK. Both have a ton of mobility in combat, with 360 degree dodge control. It's pretty badass to have Kain dodging all over the place because he momentarily turns to mist and just reappears somehwere else. I'm looking forward to the large number of special attacks and Reaver Spells to fill up those empty slots in my inventory.
The graphics are incredible. The character models and enemy models are just simply flabbergasting. Maybe the most detailed in-game models I've ever seen. Most of the animations look flawless, and all of the special effects so far (transparencies, particle effects, etc.) look fantastic.
The levels themselves look incredible too. Great lighting techniques, amazing texture work, brilliant architecture. The Underworld (Raziel's first level) is absolutely mind-numbing. The colors and special effects used constantly throughout the entire chapter are just breathtaking.
The sound is great. The music is exactly what you would expect from a Legacy of Kain game, taking mainly from the Soul Reaver side of the music scope. The voice acting is, as always, absolutely perfect. There is subtitle option, but honestly, you won't need it. The voicework is crystal clear.
And there are a ton of extras on the disc as well. If anybody else here played Soul Reaver 2, you'll remember the Dark Chronicle. For those who don't know, the DC was a the game's script, with "stage directions" and everything. You unlocked it cinematic by cinematic. The Dark Chronicle is back in defiance, but this time it's a list of all of the game's cinema sequences, and it will just replay the whole scene for you. A vast improvement over the original.
Aside from that, I've unlocked three art galleries, and there are bound to be videos of the cast, and other things as well.
Cons
The camera. Think Eternal Darkness, Castlevania: Lament of Innocence or Devil May Cry. It's an on-rails, cinematic view camera system. You have a limited "pan" ability with the right joystick, but no first-person view, and no ability to actually change the position of the camera. Now, while this could have been executed very well (as was apparently the case with Devil May Cry) this camera system falls a bit short. Most of the time, the view point is fine, but occasionally (and apparently throughout the entire game) it becomes a problem. You'll either get into a scuffle behind a half-wall, or in a doorway, and it will be impossible to see what the hell is going on. Now, the issues I've run into with the camera have not been even that serious, but it's still a bit of a nuisance.
The joystick. I want it to be known that I loathe the Dual-Shock joystick. It has horrible response accuracy, isn't particularly sensitive, and it just feels too damn loose. That said, you must control your character with the joystick. The d-pad is used to switch between Reaver types, and there is no control configuration option. This was a bit of an aggrivation for me. At least it's 360 degree control, unlike Blood Omen 2, which used FPS controls (up goes forward, left turns left, down goes backward).
Overall
I'm pleased with it. Like I said, I'm only an hour, maybe an hour and a half into it, but it's quickly gaining more and more praise from me. The only gripes I have with the game are ones that I've looked beyond in other games (Bad controls? Resident Evil. Shitty camera? Blast Corps) and the good certainly outweighs the bad here. I'll post more once I get a bit further into it. I would recommend it to anyone looking for a cool action/adventure, and I don't need to recommend it to fans of LoK, because you probably already own a copy.


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