Rent it first, but give it a chance.
First the loading screens as you have probably heard already are mind numbing. How an action game like this can have such long load times in this stage of the 360's life I really don't know. And at first you will see this screen a lot. The difficulty can be overwhelming when you first start as Rick is a wimp when it comes to how much damage he can take. Even after maxing out your skills he can be killed in the blink of an eye if you are not careful.
Secondly, you will endure a lot of cheap deaths in some of the games platforming segments. After a little memorization though, this is not a long standing issue.
There may be some other things some people don't like that I am easily able to overlook. But all in all I think Splatterhouse was a great game loaded with blood and brutality in some ways on an even higher level than the God of War series. The inclusion of the 3 originals is also great for nostalgic gamers like myself who grew up playing them. Just don't go in expecting anything revolutionary and I can say you will have fun.