Bland and simple keep a decent idea from taking off. Rent this only if you have to.
Graphics arn't anything that should be on a PS3. This is a good looking PS2 game at its best.
Gameplay is very boring. You can attack, counter attack, block, jump and a ranged attack. The shine on this game is supposed to happen when you find beasts to ride and battle with. Unfortunatley, each beast has a very tiny amount of attacks available to them and it feels very sluggish and un-responsive.
Storyline is weak and forgettable almost as soon as you meet your first enemy: fix a golden axe and use it to kill the boss.
AI isn't anything that you havn't seen in a hack and slash game. Enemies with attack one of three ways and then wait for you to slaughter them. The lack of difficulty and options to kill your enemies will quickly drain out any shine this game might have had if it had a better combat system.
As far as the game goes, you will start it out with some hype, see a LOT of gore, get bored quickly, become dissapointed and wish you had gotten a different game. Estimated time till you make that full circle: just a few hours.