Here's the gist of it.
9.0 Presentation
You can play as two different sides, there's a story, worthy online and offline modes, excellent tutorial mode -- all beautifully presented.
7.0 Graphics
Stages are relatively static, although there are plenty of subtle touches. Not the most technically impressive, but the art style is beautiful. Manga-styled cut scenes are a special visual treat.
8.0 Sound
The music is superbly orchestrated and matches all the given environments. The only complaint is that Sonic Team had included voice acting and more varied sound effects.
8.0 Gameplay
Although slow paced, this is a very deep game that will actually require you to think -- very unusual for this franchise. Human competition will keep that broadband adapter in use.
9.0 Lasting Appeal
Two offline campaigns to play through, online tournaments open to all regions, and an offline multiplayer mode give you a lot to do. Investing time to understand the game is the main obstacle.
8.5 OVERALL
Full review begins here
http://cube.ign.com/articles/495/495480p1.html
I skimmed over the review and it sounds pretty good. They did mention that Sega didn't put as much thought into online this time but its still good. I might pick it up in a month or 2, but probably not right away since MGS will be occupying me first
IGN Reviews PSO Ep. III
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