I feel if you can get passed the ridiculous character designs here, Bayonetta is an amazing game.
I know a lot of gamers snickered at this game when it first appeared. Probably in part because Sega's name was on it, and well, it featured yet another scantily dressed female lead character (i.e. Nightshade, Tenchu: Fatal Shadows, etc.).
But I figured this one would be different. After all, it's directed by Hideki Kamiya - who if you don't know was one of the core members of Clover 7. I think he was the director behind Okami, too, and well, that was a rather high-quality, AAA game, for those who still refuse to pay for and buy that game.
I'm totally getting this for the 360. I recall hearing that the 360 version is superior here due to the fact that the PS3 port was not handled by Platinum Games.