The good outweighs the bad, nowhere else has this been more relevant than in this game.
Let me first get the 'bad' out of the way. Half the design *is* outdated. At the time of release, this game tried to replicate a living, breathing sand-box world, and i can't even count how many action open-world games have appeared over time that improved upon the formula dramatically. A game like Sleeping Dogs, for example, will completely dominate some of the aspects of Shenmue.
Now on the the good stuff, and why i loved the game. Now, as i said, it's outdated as an open-world game. But once you view it for what it was truly meant to be, a cinematic adventure game with sandbox elements, it holds its own tremendously well.
So much charm, love and attention has been poured into the creation of this game, and right from the start one can see that. From the brilliance of the music and artstyle that creates an engrossing atmosphere, to the impressive detail of the pedestrians, the set pieces, so many little unique tidbits that have not been replicated since the release of Shenmue.
The Xbox version of Shenmue II also comes packed with a short video of Shenmue I explaining the plot, so you'll not miss out.
It's also worth mentioning that this is a slow paced game, pretty easy game at that, definitely not meant to be played wen you're in the mood of some adrenaline pumping action. But once you're in that 'zone' of yours were you just want to sit back and relax, a game like Shenmue II is perfectly suited for that.
The controls are solid as well, and the camera, surprisingly, isn't a hinder at all. Overall, the good outweighs the bad, nowhere else has this been more relevant than in this game. An absolute must play.