Vashu, I think this might be a case where you simply loved an average game and are proclaiming it to be far beyond what it really is. I've done that myself, so it's not as if I can't understand, but still...
The biggest flaws with Bujingai seem to be related to repetition and level design. The level design seems empty and the actual missions often sound not only linear but also poorly designed. It would also appear that the controls could have used some work, with some action types being needlessly difficult to perform. What is it about this game, outside of visual style, that you love so much?
What made Ninja Gaiden so damn good in my eyes was in how it managed to do virtually everything right. The controls are nearly flawless, for one thing. You end up fighting some of the fastest enemies yet seen in the genre and they come down on you hard. Have you actually tried the Hurricane Pack Vol. 1? The enemies encountered are much more challenging while Ryu himself has a few new moves (including a new countering system) to help combat them. It's shockingly deep for an action game and is FAR beyond the "dial-a-combo" style gameplay that you suggested. If you attempted to "dial-a-combo" on this difficulty, you'd probably have your ass handed to you before reaching the first save point.
There is more to the game that just its combat system, however. The environment is an important piece of this game, as it creates the feeling of a large, seamless world. At times, the game reminded me of Metroid Prime (which is a very good thing) in the way it progressed. This world was further enhanced by the sheer variety presented in terms of enemies faced. You were forced to deal with such a large number of varying foes that all required unique strategies to beat.
So, you have a large and interesting world to explore, a massive variety of enemies, some of the best controls and combat mechanics the genre has ever seen, and an unbeatable presentation polished to perfection. There was absolutely nothing about the game I didn't like and it impressed the hell out of me. The experience was just so much fun and it lasted a VERY long time.
I nearly skipped the game as a result of other similar titles such as Devil May Cry, however. It's not that I disliked DMC or the like, but I honestly never found that all that compelling. Every other game in the genre has simply been flawed in too many specific areas which prevented me from really enjoying them. Gaiden is one major exception. I mean, even titles such as ZOE2 (which I enjoyed) have too many flaws for their own good.