I finished this game on PS3 last weekend. Such a shame that there is so little buzz around this game. For some reason I thought it was an xbox 360 exclusive. When I browsed the PSN store I immediately bought it when I spotted it; this was just based on Brad's remarks on the Bombast and the Quick Look they did.
The art style of the environment is amazing. When everything clicks, it is utterly gorgeous. Shame that there's the typical UE3 problems with the PS3 version (a lot of tearing, texture pop-in when the action jumps up a gear ). Nothing too bad, luckily.
I didn't encounter any technical gameplay issues; I think one the brothers got stuck for a few seconds between a troll and other geometry, but nothing serious. The biggest issue I had was when my brain tried to control the two brothers when they were crossing over.
As stated by others, I was surprised by some of the darker turns the story took. It worked for the most part. Some parts were a bit ham-fisted, but overall it was very touching. For those that say "I saw most of it coming": whatever plotline or events the writers would have chosen, I am convinced that there will be players that will guess correctly what was about to happen.
I also dug the seamless nature of the entire game, without chapter titles, loading, etc. This really helps with the amazing atmosphere and character of the game. I completely understand why this evokes references to Journey and Ico (the latter is directly referenced in the game, as mentioned earlier). Definitely one of the gems of the year for me. I hope it isn't crushed by the AAA games in the inevitable GOTY deliberations.
The length was actually perfect for me. I much rather have several of these experiences (3-4 hours for $15) than one game of 12-16 hours for $60. This also avoids that the game, art style and gameplay mechanics get stale. Those saying "I will wait for a price drop"... Fair enough, but I don't mind supporting this type of game.
TLDR: buy this game.