The presentation was really excellent aside from the environment transitions. The different environments just didn't feel naturally connected or related... and they weren't supposed to, but a coherent world is always more enjoyable than one that feels disjointed. But the individual environments were gorgeous, the lighting was fantastic, the black bars added a feeling of oppression and claustrophobia, and I really liked the slight swaying of the camera during walking. Great sound design, too. Very atmospheric game. And the locked ward might be the coolest save area in video games.
What I had an issue with was the combat. As far as third-person shooters go, this is about as barebones as it gets. For movement there's just walking and sprinting -- no dodge rolls, no cover system, no jumps, no anything. For melee there's just regular swings, no combos or any of the context-sensitive stuff from recent Resident Evil games. Weapons are your standard video game loadout minus assault rifle/submachine gun (I guess there's the crossbow, but it's not that interesting a weapon). And the enemies are basically just Ganados/Manjinis, except without any Plagas popping out of heads. Aside from certain sequences, like the fights with the spider woman or the parts where you have to cross the water, there is absolutely nothing mechanically interesting going on. This would be disappointing enough on its own, but when you consider who this game is coming from it's even worse.