Either you admit this game brings gaming to a new level or you're a biased tantrum-throwing child. Go cry to your 360.
Graphics - Outstanding. The character models are more lifelike than almost any game out there. The faces are expressive and you can relate to them. COD4 had some lifelike models, but these surpass it. Look carefully at the eyes in particular...they're not the typical dead glass marbles you see in most games...there's actually some life to them and a fleshier appearance to the faces overall. The backdrops are of course not quite as detailed as the character models but they stack up to GTAIV and COD4 quite easily and create a very immersive environment in which to sneak around (or, if feeling a bit taxed by some long hours of play, to pull out your guns and just start whacking everyone you see).
Animation - Astounding. The faces are expressive and the body movements less stilted and paper-dollish than most games, particularly during cut-scenes. The lip-syncing could've been a little better in places, but the virtually seamless transitions from gameplay to cut-scenes or new areas (where there isn't a load time) is another immersive aspect to the game that adds to the feel of playing a movie. Those who are complaining about the length of the cut-scenes have the attention span of a brain damaged trisome and are completely ignoring the fact that the single-player game is intended to wrap up 4+ games and several years worth of complicated and at times convoluted storyline. You can get all the fierce gameplay you want thru the multi-player aspect so it's a little disingenuous to complain that you don't get enough during the single-player campaign...that is, if you're not to chicken to play thinking humans rather than shoot your way thru AI that, like AI in all games, is a little predictable after you get accustomed to it.
Sound - Very nice. Unfortunately, I've got a dead receiver at the moment, so to be fair, I haven't been able to test the 5.1. On the other hand, the "fake" surround created by my Sony XBR5 has been very good so far, so I expect that once the receiver is fixed, it will match the high quality of th ereast of the game.
Story - Not much needs to be said. Whether you have followed the series from the beginning or not, whether you were disappointed in how it all turns out or liked the conclusions chosen for the character arcs, you can't deny that objectively speaking, HK spins quite a yarn and he does so in a very believable way (fantasy elements aside). Moreover, the greatest achievement of all in this "episode" in particular is that he actually brings enough life to the characters and the storyline that you can begin to relate to them. Most games miss this mark by an incredible margin. If you're willing to suspend disbelief and allow yourelf to be immersed, rather than bucking like a bronco with a fat chick on board, the game does a good job of introducing emotions not normally evoked by video games. It's not all just tension, release, excitement and laughs...there are some moments that are genuinely sad and touching and it's a rare game indeed that can make you feel frustrated with the choices and mistakes NPCs are making. In short, there is a very humanizing element to the storyline which, combined with the technical achievement of the character models and their expressive faces, brings real vibrant sense of life to the game.
Gameplay/Mechanics - Best in show...'nuff said. MGS has always been tight and the game hits it right on the money. Those who wish to compare it to GTAIV's loose and under-realized gunplay mechanics are not being objective or honest with themselves. GTAIV is fantastic in so many ways, but when it comes to stealthy gun play it can't hold a candle to this game. I've even read a couple comparisons to Uncharted, and that's just laughable. What's more, having an enormous number of options for choosing your style and approach to in-game obstacles and being able to add some pinache to the way you tackle enemies (or avoid them), just puts this game over the edge.
Multiplayer - Very good so far. Here is where you can get all the enjoyment out of those wonderful gameplay mechanics....if you don't suck. There's somethign joyous about finally being able to attempt some free-form prowess with all that Snake is given as opposed to the somewhat careful and meticulous manner in which most of us approached the single-player campaign (the first time through at least...raise your hand if you plan on playing through again...soon). Perhaps that's why people complained that there's not enough in the single-player mission. Honestly, there's plenty, particularly if you don't rush and take your time to snag all the loots, but we'll go with what seems to be the consensus...there's a bit less in the single-player campaign than would have been optimum. However, you can do it all day long in the online multi-player, which works smoothly once enough people have been found for your matches and has a lot of potential (online multi-player always requires tweaks and patches). Having played a ton of WoW, I thought the The clan system is a nice touch too, giving you the opportunity to get more of a team sense for it. The headset/earpiece is going to be a must if you want to get anywhere though. I look forward to tearing many a noob a new one and seeing where the level progression and speciallization comes into play.
$0.02