For some, not for many.
Gameplay is fun. Don't be misled by my other opinions. There's a good amount of fun to be had in the process of exploration. I don't think that the extensive options for custom play really make the game all that replayable, rather just very adaptable to different play styles. I'm a run, gun, and soak up bullets type... I tried to find as many ways to achieve that kind of brutality as possible. I didn't care to go back and play through again, as I would have just played it the same way.
As far as what doesn't work... the overly butch dialogue and 6th grade humor as a crutch. It can be a garnish and I'll get over it, but I feel like I'm looking to expect games to make a name for themselves and stand up as a media that's worth modern intellegence. This game throws that out the window proudly. I just can't get over it... it grates at me by the third chapter and I have to shut off the sound.
A lot of people can either overlook that or ignore it. I can't. If you're a gamer who expects that substance on all levels, you're likely to get annoyed.