I've been playing for a couple (4-5) hours now.
My opinions:
The storyline is complete utter shit. Prepare to have one of your childhood heroes completely ruined in ways you could not possibly imagine.
The gameplay is actually pretty decent. The strange controls took a while to get used to, and I still don't like the whole "switch to pointing at the screen to fire missiles" thing. It slows down the pacing of the game and it often results in you getting hit due to the sketchy wiimote controls.
Once you get used to it, the game is certainly fun. The cutscenes are long, but few and far between. The game is as linear as Fusion, in that you end up in an area you have to get through, but there are plenty of side areas to explore. The enemies and bosses are pretty interesting as well. There are some new items and weapons this time around, and some of them are pretty interesting. Despite the crappy Wii graphics, there are some great environments to explore as well.
One major complaint though, the quick time events are fucking ridiculous. It's not like Bayonetta or God of War either. Sometimes something will burst through a wall or through the floor and try to grab you. Fail to do what the game considers "the right thing", and you are dead. You don't get a prompt telling you what that "right thing" is. Expect to die to these the first time you see them. Sometimes you get lucky and mash your way out, but it usually doesn't work out. (Enjoy the beginning of sector 3, lol)
XI Wiki


