Great graphics and sound, but multiplayer is a bust and single player is pretty lackluster.
First of all I will say the graphics are gorgeous on the PC at max settings, especially if you have a DX11 graphics card. The lighting in the levels is impressive; the character models of the aliens, predators, and humans are incredibly detailed. Nothing was more visually pleasing as grabbing a human as a predator or alien and looking at their petrified face before ripping their head out of their body. Although there are only a few varied animations it just never got old. The level design is pretty good: it ranges from jungles, to temples, to colonist living quarters and refineries. The only thing that was missing was a spaceship level.
The sound and music are pretty good. Many of the sound effects sounded like they were straight from the movies such as the alien screech, predator vision, and the marine pulse rifle and motion tracker. The musical queues definitely help to make the levels feel scary, especially for the marine single player campaign.
Unfortunately the graphics and sound design are the best attributes about this game because everything else is pretty mediocre. The single player campaign is pretty short and story-wise it's pretty much the plot of the 2004 AVP movie, only that it takes place during the Aliens timeline on another planet. It's still better than the actual movie, but that ain't saying much. The marine campaign is definitely the best out of the 3 races. It's intense, pretty damn scary at points, and felt like most of the effort went into it. The alien and predator campaigns were obviously made as an afterthought as not only are they super short (2-3 hours a piece at most), but felt rushed and incoherent. It took me less than 10 hours to go through the entire single player and there really isn't much replay value unless you want to collect items or beat it on a harder difficulty for an achievement. The single player is at least though better than the first game, but definitely s step back from the quality of AVP2.
As for the multiplayer, at this point it's pretty much all but dead. The in-game server matching is pretty horrid and you basically have to use Steam to search for games. Even with that though there only a small handful of matches going on at any one time, which is too bad because the multiplayer can be fun.
Overall, I was able to get this game for $5 during the Steam holiday sale so it's definitely worth it at that price. I definitely would have been pissed though if I paid $50 for it.