Yeah, I have to admit, I went in with extremely low expectations ... hated the demo controls, ruined the storyline for myself by visiting gamefaqs, and yet, after popping it in the 360 and getting used to the controls, I'm loving it. It doesn't feel like classic RE, but almost reminds me of a Gears of War / Farycry 2 type mix with RE blended in. So far it's been cool and from what I've read, it gets more RE-ish as you progress further into it. I'd say it's a buy at this point, and the versus mode (whether you agree with the cost or not) at least adds the opportunity for more play time if you so choose.
To address the poster above me, the Deadspace controls are far better but I think there's more diversity in the gameplay and storyline than Deadspace. I know I'm in the minority here, but after watching the Dead Space comics before the game was released, I found the actual game's storyline a bit disappointing. The gameplay in Deadspace was fun but got a bit repetitive, but with RE5 they're throwing new stuff out in each chapter (granted, it sometimes does feel like you're playing a re-envisioning of RE4 ... but it's still fresh for the most part).