After the patch, it's playable but still not very enjoyable. The load times are significantly better but the actual graphics are still murky & washed out. In a normal game, this would not be a problem. But in Bayonetta, the emphasis is on precise combat and last second dodges so the graphics end up getting in the way.
" Still fucked? thinking of picking it up, dude told me a patch fixed most stuff but he's Canadian so... "
In witch time (basically bullet-time where you do majority of your combat), the game adds an extra filter on top that almost gives your enemies a form of camouflage. It becomes hard to carry on with combos when you can't see where your enemy is. On the harder difficulties, things go from frustrating to game-breaking because the enemies are really jumpy and you need the clear visibility to handle them effectively.
In short, avoid the PS3 version if you can. It's broken in a way that no patch can fix.