Easily worth $15, lots of fun to be had!
To all the haters (including the gamespot reviewer), i think you have forgotten this is a $15 game. Stop comparing it to God of War! Its both naive and laughable to compare a game with a $44 million budget (GOW) to Bloodforge which probably had a less than $1 million. Of course it was never going to have the same production values as GOW. If it did, everyone who worked on GOW would be fired for wasting money.
The graphics are awesome for an XBLA game. There is plenty of replay value using the "challenge mode" where you fight waves of enemies under increasing difficult conditions set by you and your friends. The music fits perfectly and adds to the atmosphere.
I hope they make a Bloodforge 2.
Give the game a go. Its just plain fun. You wont be sorry.