Fans will enjoy it, everybody else probably not as much
WotS games were always short and were designed to played many times over. A single playtrough might take you as long as 100 hours or even 5 minutes or a single second, since either dying or leaving the area the story takes place will result in an official ending. There are more than 20 different endings, but some might seem similar to others. WotS3 also features 100 unique weapons to find, each with their own list of possible attacks and fighting styles. Partners are a new addition, about 10 different people can join you in battle, some even hard to find and convince to join your cause.
The gameplay hasn't changed all that much. Time isn't an issue anymore, you can play the game for 30 in game days, or even 3 in game days if you like, so the story can be advanced at your own pace and you have the time to explore and build up your character. This is where the save points really comes in handy.
There are only a few areas to explore in the game though, which can make the game a bit repetitive later on when you've already finished it 5 or more times. Some endings are even impossible to achieve, so you never know what you can do differently this time around, since simply walking in another area at a different time might trigger something.
There are no voices, but the story is decent. Visuals are nice, but probably not up to PS3 potential. There are some sidequests to undertake and earn money, but they get repetitive unless you advance the story since there are only a number of jobs for every part of the game. Sadly the game often experiences slowdowns in big battles.
A nice new addition is the option to draw your sword at anytime in a conversation or cut-scene, resulting in interesting turn of events. Customization is nice and there are quite a few unlockables, including the instant kill difficulty. Its definitely not PS3 material and can feel outdated but it's still fun to play. It's really a hard game to recommend, some fans might not like it because it hasn't improved, some might love it and some might hate the changes. New players might not be interested in such a game since there are much better games out there. But if you like samurais and katanas don't be afraid to check this out.