If you temper your expectations, you'll have a good time with this. I thought it was quite a fun beat-em-up, and I tend to get bored by the middling 3D hack and slashers.
There are a lot of issues, load times being a big one and a final level that just feels like an endless crawl of midbosses that just aren't that much fun to fight in that quantity with a climax that SCREAMS rushed out the door. That said, the voice acting/writing is great, the basic combat is satisfying and fun. I unlocked everything on this and had fun with it.
Whenever discussion on this comes up, people always seem to be interested in the original Splatterhouse games. They're in there, but damned if I know why anyone would consider those stinkers a value add.