Will post more detailed impressions later if I can muster up the energy but yeah, the combat is a chore devoid of any fun. Basically, what everyone has been saying.
It's really stiff, unresponsive and feels entirely too slow for the speed and unpredictable nature of your targets. Between all those points and the barely-existent damage feedback, fighting the spider mimics feels borderline unfair beyond simply being unsatisfying.
To clarify, I don't mean unfair as in 'they kill me nonstop', but more in that it seems like you're bound to get hit at least once during most encounters due to the above mentioned factors. Wildly swinging that wrench like we're back at Bioshock 1 just hoping you hit something with all the odds stacked against you sucks.
It's not a disaster or anything, but I wouldn't pick it up for more than a $17.99 used Gamestop copy. Sorry, I don't believe any of the promised fixes will improve the actual gameplay vastly.
PS: Sound design is as baffling as everyone else has said. Get rid of that stupid 'Action' music for god's sake.