Worth a rental for sure.
I want to mention as well at the outset that I am not someone who just discards a game if the online component isn't up to scratch and I don't consider replay value (or satisfaction for that matter) to rely on multiplayer features. In addition to that, I didn't go online with it so I can only review the single-player experience, which I think games should be judged on anyway.
Prey has a cool story. Prey has some cool ideas. Prey makes an effort and in many ways is not just another FPS. It has a truly 3-D feel all through the game thanks to clever use of anti-gravity wallwalks and the main vehicle in the game, an airborne pod. The story irritatingly focuses on the 'save my girlfriend' plot paradigm for a while but keep the faith, it gets a lot better. The whole biomechanical tech thing is a bit done but the guns look and sound pretty cool.
But they don't FEEL cool. The enemies are okay but I was never really happy to nail one. The pace never seems to really pick up. Some of the puzzles are pretty frustrating as with one noticeable exception they aren't too clever or interesting.
Part of this is because of the death/resurrection idea you've probably heard about or can read about in the gamespot review. For someone like me who is no FPS hotshot or top dog but is willing to keep going if the game is enough fun it was just an excuse to keep firing away with little attempt at finesse. I think mainly the problem is rooted in the ultra-long development cycle though. The game just doesn't have a snap to it.
However there are very cool ideas in this game and there was thought put into the story. I am not a fan of the protagonist at all and find him a bit boring but other characters in the game are cool. Overall it's worth the rental and I for one hope that the sequel if it happens delivers on a lot of potential.
Gameplay - Feels a bit like Doom 3, it's all fairly decent. The puzzles aren't great.
Graphics - Although the design is generally not fantastic on an artistic level, some of the scale and ideas of the parts of the alien craft outside the corridors are pretty cool. In terms of sheer graphical sheen, it looks great.
Sound - Game sounds very good, though Jeff makes a good point in the Gamespot review: the Aliens sound dumb. Voice acting is otherwise pretty good though I think Tommy is just naturally irritating.
Value - As I mentioned above, I didn't go online but as a single player experience, it comes across as a bit too easy, never feels as much fun as other games in the same genre, and is pretty short.
Tilt - I didn't really take to it but as I say worth a rent, particularly if you're at a loose end for a couple of days. Looking forward to a possible sequel more than I enjoyed the game itself.