Overall a great port, but is somewhat lacking here and there.
The negatives I will cover immediately. First, visually speaking the game is improved over the XBOX counterpart....but not by much. This was somewhat given the hype of the PS3 graphics in the beginning of the system. I realize that this was a very early release. But so was Motorstorm and Heavenly Sword. Both of those games had far superior visuals. Team Ninja generally brags about it's visuals and usually that is the case. Such was the case when the XBOX version originally released. However, this was a rather quick visual port that did not take full advantage of the PS3 at the time.
Also, the camera can still be a problem at times. It is much improved over the original version (first camera update was in the Hurricane update pack back on the original XBOX Live). This is frustrating especially in a game that is so focused on combat, difficult combat as it is. Also jumping up certain walls can be difficult since the camera can get in the way.
The sound has also never been an impressive part of the Ninja Gaiden series and I wish more would be put into the soundtrack as well as ambient noises.
The rest of the game shines. Combat is fast and insane...but most importantly: brutal. The levels are designed incredibly well with various hidden items that are difficult to obtain at times. Ryu has the ability to scale walls which makes exploration much more immerse.
Boss battles are big and o-so-fun. Not to mention difficult. Ninja Gaiden is definitely always been a game that challenges your wits, reflexes, and most importantly your patience. This game has without a doubt been somewhat responsible for numerous controllers breaking. Mostly due to angry gamers throwing them with extreme rage. But in the end the game is well worth the work. Few games can make a player actually feel rewarded for beating the game. not that beating a game is a real accomplishment or anything, but hey, no one needs to look at it that way...
Fans of action games should definitely pick this one up.