I absolutely loved it. As I said in another thread, within minutes of taking my first steps through the village square in Bailu, I could feel the magic that I had not felt in a game since playing the original games back on the Dreamcast. I knew I was playing a Shenmue game. Shenmue 3 had all the elements that make Shenmue then unique experience that it is. Not only that, but its systems built upon those of the previous games, especially the money system. Personally, I like the stamina system. It really makes working and earning money feel nescicerry, unlike Shenmue 1 where it was simply for pleasure and Shenmue 2 where they added two instances where you needed to earn 500HKD. I also loved the locations, especially Bailu. It was really different from any of the other main locations in the previous games (excluding the first part of Guilin in Shenmue 2). The training system and the combat we're also really well done I thought. Unlike the first two games, the techniques are easier to pull off and so I find myself actually using them, thunder palm being one of my particular favourites, instead of just mindlessly button bashing. The only issue I have with it is the lack of a dodge button. Being able to block is great, but in group situations, not being able to dodge out of the way of the guy that's just come behind you is a pain.
All that being said, the game does have its flaws in the story and character development areas. While the exchanges between Ryo and Shenhua in Bailu are excellent and really help develop the characters and their relationship, this is unfortunately not continued in Chubou. The secondary characters also lack fleshing out, especially in Chubou. I think everyone else has covered the issues with the story to death over multiple threads, so I will not go into it except to say that I would dearly have loved to have seen more of Niao Sun interacting with Ryo and Shenhua. She could have become a real friend to them, helped them out in situations and even had some sidequests. Hell, if she had become someone that they really trusted and actually learned about the Phoenix mirror from them, it could have been a heartbreaking moment when she finally betrays them and reveals who she actually is.
I would also like to praise the development team for releasing a game with so few bugs. In this current climate, so many games big AAA games are being released either riddled with bugs or just downright broken. In fact, it is almost becoming a prerequisite for a AAA to be released in such a state and for the 'day one' players to pay for the privilege of actting as the play testers.
Finally, I would just like to say that Shenmue 3 is a miricale game. Yes it's not perfect, but the fact that it even exists and was able to be created on a shoestring budget is just amazing. My hope is that with the groundwork now done and a lot of assets in place, Yu-san is in a much stronger position to go and make Shenmue IV and will be able to implement a lot of the great features he dreamed up for III, but could not implement. I for one cannot wait for an announcement regarding Shenmue IV and for the game itself. Just please, Yu-san, don't leave us waiting another 18 years to experience the magic that is unique to a new Shenmue game.