Is the game good?
Bought MGR: Revengeance a few days ago and I'm almost done with it and enjoyed it a lot. I liked Bayonetta 1 too. I only ever played a bit of DMC 1 a lifetime ago but can't recall anything.
Short answer: Yes. It belongs in the library of every action gaming fan.
Long answer: The game features what is arguably the deepest combat in an action game to date. There are few games that match the action sandbox that is the Bloody Palace mode. In terms of the campaign, there are some significant pacing and backtracking issues, as well as some archaic puzzle and platforming sequences, which is why many consider DMC4 to be a diamond in the rough, but it's definitely a gem worth owning. The SE has released with Turbo mode, LDK mode, and 3 all new characters to play around with, as well as a revamped economy for quicker leveling. It's also on sale now on Steam for like $12, I think.