I actually own 'Shadow the Hedgehog' for the Gamecube, and the reason I bring this game up it to use it to compare the speed of both Shadow and Sonic in 'Sonic Unleashed' (They're the only Sonic games I've played in 3D). Playing a few of the daytime levels with Sonic, I can safely say that Sonic is hell of a lot faster than Shadow ever was... In fact, Sonic is about as fast as he was in his classic days, and that's a good thing. The controls in this game are a bit tighter than controlling Shadow, which is a good thing, but not as much as I'd like it to... still, the game is very playable.
I do like the level design, and how it transitions from 3D to 2D and back again, I thought that was really cool, and totally adds to the gameplay. The levels itself have like these special coins that you collect (I don't really know what these coins do, I suppose they unlock something) and require multiple playthroughs, since there are many different ways you could complete a level (Think Burnout Paradise, but on a much smaller scale, if that makes any sense).
Sonic the Werehog is a lot slower than traditional Sonic, and you could only use him at night. Playing as Werehog is like playing God of War, but not as epic... He has a health bar that can be regained by collecting the gold rings. Destroy your surroundings (Doors, tables, plants, barrels, etc.) and energy appears, of which you absorb automatically to buildup your Werehog abilities (kind of like Berserk in Resistance 2, where you are extra powerful for a short time). You have to climb, fight, figure out some simple puzzles, and basically find whatever it is that you are looking for at the end of each level.
It's easier to stay alive as the Werehog, though it's a lot more fun to play as the Hedgehog, since it's more exhilarating to play in high-speed. Fighting the enemies with the Werehog is a bit boring, because most of them are too easy (at this point of the game).
There's also an RPG element in the game. Coins that you collect can be used as currency to buy stuff, like a bookcase to hold all the books you collect while playing each stage. I haven't read the books, but I'd imagine it'll be used as a clue of some sort to help a townsperson, or whatever.
Monsters/enemies you destroy releases yellow diamonds, which is experience, and that experience can be used to build up certain attributes, such as speed, health, Werehog levels, etc. You'll have to build up the attributes of both the Hedgehog and the Werehog separately though.
Overall, I'm having fun with this games... and it isn't as terrible as some people make it out to be. The graphics, during gameplay especially during the cutscenes are really impressive, and are worth checking out, though in some areas, certain objects (only a couple that I've noticed, by the way) look last-gen. The framerate is really nice during the daytime stages, though it suffers in the nighttime in certain parts, but nothing that serious.
Is it worth checking out at $50? Only for the most hardcore Sonic fans, I'd say... Though If I were to buy this game, I'd wait until it hits $30. That's the sweet spot for me.
Ahh! Wall of text... I'll stop typing now! :x