I bought it today and played it briefly. The first level that I saw consisted of some platforming (ala Prince of Persia) featuring running, jumps and wall runs mixed in with some fairly simple combat (SQUARE is ranged, CIRCLE is melee). The controls were serviceable for the most part but making precision jumps was a little dicey. I still haven't tried any lightcycle races.
The 3D mode looked pretty good. It ran at 720p and when the depth setting was maxxed out via the options there was a visible sense of depth to the environments. There was no noticable ghosting on my Samsung 63" plasma.
One think I really liked was that the game allowed you to completely remove the HUD in its story mode so there's no worries of IR for any 3D plasma owners (still waiting for GT5 to give us some HUD control).
Overall I like it so far though as I said I only scratched the surface.