The eccentric production values, cut scenes, dialog and plot work well to a point. The director has used these elements well to frame the action well, though the repetition of 1) story (cut scene), 2) mild exploration, and 3) arena battle soon emerges and never goes away.
The fighting action works well, if not a little difficult to "read". Bayonetta has more combos than a Killer Instinct Convention, but they are all only slightly varied from one another, and during the chaos of the battle, can you notice the differences all that clearly? Completing a combo of a certain kind will emit a finisher move that is a summoned entity that unleashes upon your foe. These are very imaginative and more than slightly bizarre.
The world building is not as eccentric as the story might require, and as it is pure fantasy, it all looks slightly meaningless in the end - this is no Okami. Speaking of Okami, the battle system is very similar - approaching an enemy will cage-off the area and only one will emerge as victorious. But unlike Okami, Bayonetta typically is engaged in strings of mid-boss and boss fights - there a few regular enemies with which to play with. And, seeing as each Chapter's area is quite small, this may not be noticeable to you at first.
The frame-rate is consistent, but the price for this may be the strangely low-resolution textures that litter the game. Cut-scenes make a grand display of these, and while they're not downright ugly, they do take some shine off the otherwise excellent presentation.
There is an action/hack-n-slash game here that works well, but is buried within a lot of nonsense story, mixed environmental designs, and a layer of eccentricity that approaches indulgent.