Bioshock delivers in ways that no other first-person experience ever has.
If you can, play this with surround sound, and if you are experienced with shooters, just play it on the highest difficulty to start, because while you may want to go back and play it again to find the audiofiles and plasmids, it will feel a bit redundant doing it again so soon after beating the game.
Graphically, this game is unmatched. The water effects are amazing and it runs at a pretty smooth rate. I had some issues with the game locking up in menus from time to time, but they may be more my system's fault than the game's. Who can tell anymore.
This has one of the best stories I've ever come across in a game, and the narration of it via the aforemention audio files, posted propoganda and the level of detail of the environments truly immerse you in this world. The voice acting and dialogue are as good as it gets.
Don't hesitate, if you want a next-gen experience, play this game. You won't be disappointed.