Red Steel certainly is a mixed bag.
*The controls work for the most part -- the aiming is great once you get used to it, but the turning does indeed suck. Swordplay is great, and exactly how I expected it to feel. Shootouts are very fun -- taking cover behind objects and the free-aiming do give it a bit of an oldschool arcade lightgun feel.
*I had no problems whatsoever parrying and striking, and the delay is unnoticable to me.
*The graphics are half great, and half merely OK. For instance, the character models and shading are fantastic, and the light blooming/beaming is quite striking. But it feels a bit... sloppy. The framerate is crap, for one. The game rarely sticks at a constant 30fps, and fluidity is crucial in an FPS. Also, little graphical glitches are everywhere. For example, when I was admiring some VERY nice water/warping effects in an in-game kitchen sink, firing at the water would result in a broken glass noise and decal on the surface.
*HOLY CRAP this game makes me feel motion sick. Worse than Timesplitters and MP.
In all, the game does feel a bit rushed and unpolished, ala Geist. I can only imagine how much better it would play if they took a bit more time to tighten up the framerate and make the free-aiming a function that can be toggled on and off during gameplay, maybe by hitting button 1 or 2.