I sat here for a few minutes and thought about how I should write this up, so I've broken it down into sections to make it a little easier on the eye instead of a big old wall o' text. Here's a few of my thoughts on the game:
Visuals
The graphics are actually pretty good, I've got an HD5850, I haven't been able to try Physx so I can't comment on that aspect of the game, but on the whole I'm impressed, the game manages to look great and run well also, never really dropping below 60fps apart from a few rare instances. Nothing game breaking in terms of FPS drops and I think this is one of the stand out points of the game, in how well it runs considering how nice it looks. The game world is very well detailed and the cars in particular are very nicely put together, great models, my only major gripe would be that this is 2010 and still the character doesn't move the gear stick or honk the horn with his hand, or any of the things that really should be in the game that maybe aren't huge things on their own, but are little details that add up and add to the experience.
The water effects were quite good, and I thought the textures were quite crisp as well. The flame effects were poor and looked like something we'd have seen 5 years ago, there needs to be more variation in the amount of pedestrian skins also, I saw a line of 4 or 5 people who looked identical to each other. This takes away from the immersion and the experience in my opinion. Overall though I believe the graphics do a good job of representing the game world.
Audio
I didn't find the sound to be that amazing, the voice acting was good for a while but the fact that most of the dialogue is cliche upon cliche is somewhat disappointing, I had really high hopes for the storyline in this game, which I'll get to in a minute, I think 2K could have done much, much more with the dialogue in this game but instead after the first few chapters it became a very tired and cliched affair and I could see myself second guessing what the characters were going to say before they even said it. The quality of the weapons was fine and I thought there was appropriate distinction between each weapon, footsteps sound great in the hallways and the various animals such as cats rooting through garbage cans and hissing at you was great.
One part of the sound which I thought fell absolutely flat on it's face was the car engines and exhausts. They sound absolutely terrible and there's hardly any distinction between different cars at all. The fact that most of the cars have exactly the same engine noise is a bit of a cop out for me, I also didn't really notice the pedestrians having very many funny or interesting lines, on a whole, the quality was good, but there just wasn't enough content or variety, so while what was there was good, we need more differentiation in my opinion.
While the music was good I feel that there wasn't enough differentiation between the radio stations and no real description of the differences between them.
Story/Gameplay
This is very, very disappointing for me. The developers could have done an absolutely epic job but I believe they have failed horribly considering what the game COULD have been. For a start I felt like a loner throughout the entire game, it appeared I had only one friend who was constantly made out to be some kind of dimwit. I thought that there could have been a bit more effort made in regards to giving the other characters time to bond with you, apart from the missions you can't do anything with any of the other characters, whereas in (sorry) GTA4 you do get to learn more about the other characters by taking them to shows or for food, they will often reveal traits about their personalities on the way to your destination or on the way back home from it, no such luck in this game in which you meet most of the characters only once or twice in the course of the entire game.
I became confused as to who was who, by chapter 14 I still couldn't put a face to most of the names being thrown at me, I can remember Eddie, Vito, Joe and Leo, every other character has slipped into obscurity for me, and while that may be an issue exclusive to me, I'm not convinced that nobody else doesn't think the same thing, I just think far too many of the characters are completely forgettable due to the fact that you are introduced to them, you do maybe a mission for them and then you're meant to just remember who they are throughout the course of the game, it's totally ridiculous and the developers have made me feel like the game has been rushed out with little afterthought, the story feels totally back seat which is a shame because there is practically nothing else to really do apart from the main story. Sure, you can free roam, but what can you actually DO? Shoot people, run people over, buy 1 of maybe 5 or 6 outfits, great, but you get bored of those things very fast.
In a nutshell the game doesn't do a very good job of bringing in memorable characters, and if the story isn't going to be the main feature of this game then you aren't left with very much else. Once completed you cannot even free roam the city, of course there wouldn't be anything to do apart from steal cars and shoot people, but still, it's not even an option, once you finish the game that's that and you're just dumped back to the main menu after the credits roll. What an apt song for the end of this game by the way, it sure was a kick in the head with the hopes I had for this game and then how the game actually materialised. It's a missed opportunity to create a truly great game and a truly great sequel, for me it's 5/10 at best, the graphics are good but you need more than that and this game doesn't have anything other than a sub standard story with lackluster characters.
In a game that has to rely on it's story due to lack of any other content it's a huge disappointment. The plot at times didn't make sense, has huge holes, is the product of lazy writing and it seems that when all else fails and the script writers are having a lazy day they've just decided to chuck in a few Goodfellas or Godfather quotes in, it's charming at first but these cliches start to wear thin a few chapters in. There's far too much that can be said about this games unfulfilled potential than I have time to type out here. So I think I'll just leave it here and see what everyone else has to say about the game.