Alrighty guys, I had the chance to sink in about 5 hours of the game, here are my thoughts:
Pros:
The combat system is much improved. It has an addictive quality to it - You'll want to keep fighting and upgrading your attacks just to rack up the ridiculously long combo chains. I reached over 100 hit combos fairly easily. What's better, the fighting system is smooth and even the coolest (and toughest) combos aren't too difficult to pull off because of Spidey's new web line moves, which allow him to stay on top of the enemy at all times.
Being able to switch from red suit to the Symbiote suit on the fly is both a lot of fun and it opens up even more combo possibilities. The transition effect also happens to look pretty cool.
Swinging is still very fun. I spent a good half hour just swinging around New York, not doing anything else in particular. If there's one thing the recent Spidey games always get right, it's the web swing system.
Boss fights are the highlight of this game. One fight (with the Vulture) required me to stay in the air almost the entire time, defeating one enemy only to web zip to another, all in mid air.
The story (so far) is fairly interesting, mostly because the moral choices you make (good or bad) can affect the story in certain ways. I made one decision not to help a fellow superhero, then reloaded the game and decided the alternate choice to find that it does alter Spider-Man's interaction with certain characters later in the game.
Cons:
Okay, I should just put this out there first and foremost: The game can be sluggish at times. The framerate dips significantly when there are large groups of enemies on the screen and there's some screen tearing when you're swinging around the city. I also encountered a couple glitches that involved Spidey getting stuck in the level environment (the side of a skyscraper), which forced me to reset. It's not a big deal, but it was frustrating when it happened.
The game might get repetitive fast. I found that there aren't many side missions that DON'T involve beating up enemies. The pedestrian rescue missions and races are missing from Web of Shadows, which is a shame considering those were some of my favorite aspects about the previous Spider-Man games. Also, you'll have to fight each boss twice - once in pre-symbiote form, and then again once they're infected. Now, I liked the boss battles, so I didn't mind, but they behave similarly enough that it might bore some people.
Spider-Man's voice is extremely annoying. The voice actor who plays him sounds like a little kid at times. I'd rather have Tobey Maguire's phoned in voice over work in previous Spidey games than the guy in Web of Shadows. The rest of the characters aren't as bad.
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I'm enjoying the game so far. I've always been a big Spider-Man fan and I've played most (if not all) the Spidey games released since the PS1 (and also some from the 16-bit era), so I had to pick up Web of Shadows. I won't say I wasn't disappointed in some areas. The graphics could look better, the game's performance could be a bit smoother and Spider-man could sound a little less like a teenager but I had fun playing the game, and I guess that's what matters. Now, I'm only about 5-6 hours into it, so I'm not sure if I'll get tired of the repetition further down the line, so that's something you might want to consider before dropping $60 for the game - it might just be worth a rental for most people.
Btw, I played this on the Xbox 360.