My advice is to get it downloaded while you can, doesn't mean you have to start playing it yet. You never know when you might get a problem with your internet connection. I've got Steam games downloaded years ago that I still haven't played 
Yeah the checkpoint system can be frustrating, although it's a lot better than some games in terms of how they are spaced out, I was playing Kane and Lynch 1/2 (and Mafia 2) recently and you would get the odd really annoying bit where where you had to play through a bunch of stuff, followed by a really hard section, but because the checkpoint was earlier you have to play through it all again, even the easy stuff. I can see how if you are playing stealth style it would be a bit annoying though.
Oh one more thing, some of the weapons felt a bit underpowered, like the auto-shotgun takes like 10 shots to kill some of the monsters, even if you aim at the head.

Yeah the checkpoint system can be frustrating, although it's a lot better than some games in terms of how they are spaced out, I was playing Kane and Lynch 1/2 (and Mafia 2) recently and you would get the odd really annoying bit where where you had to play through a bunch of stuff, followed by a really hard section, but because the checkpoint was earlier you have to play through it all again, even the easy stuff. I can see how if you are playing stealth style it would be a bit annoying though.
Oh one more thing, some of the weapons felt a bit underpowered, like the auto-shotgun takes like 10 shots to kill some of the monsters, even if you aim at the head.