I'm about halfway through the game myself and sadly I'd say you're pretty spot on. I find the combat enjoyable and decent but not great. The dialogue, cutscenes, concept, art style and Suda51 weirdness greatly overshadow the actual gameplay. It's absurdly easy so far on normal, some of the mini-games flat out suck (zombie baseball & the combine harvester), the loading times are long, and the audio is over compressed (this really pisses me off because I'm playing the PS3 version). The game was announced only shortly after Shadows of the Damned was released about a year ago. It just feels like it had a smaller budget and short development cycle. Of his localized cannon, I'd say this is slightly above Killer7 but pretty far below No More Heroes 1 & 2 and Shadows of the Damned.
_
