The gameplay is pretty good, but the oh god the story is terrible. The plot is incoherent, the ending 'twist' is M. Night Shyamalan worthy, and the characters from the first two games have been changed drastically. Maeda's a pervert, Kyle's unbearably smug and ~mysterious~, and Aya spends the first half of the game as a meek, unexperienced...time-travelling body possessing soldier. (Yeah.)

Also, there's a gameplay mechanic that destroys Aya's clothing as she takes damage. While she cries and moans in pain at each hit. There's no way to turn off this feature from what I can tell (and oh man did I look). It's purely aesthetic, too - it has no effect on her stats and doesn't correlate to her HP or anything.

So really, it's not just bad, it's offensively bad. :|