The game is pretty good, and very familiar for any Gears fan (the gameplay doesn't really stray from the it's original concepts). The new additions however help keep things fresh (and are pretty fun, especially in co-op). Also, the story is a little better told, and not quite as campy as the original. So expect some real heartfelt moments :lol
Visually, most here won't be impressed,
at first. A couple of hours later however, you'll start to see things that'll completely blow you away. Let's just say the word of the day is, "scale"
Texture pop-in is almost non-existant, and loading (other than the intro chapter) is great. Cutscenes (the real-time ones anyway) run without a single hitch! It's pretty obvious the focus was simply on tightening an already impressive engine. It just may not blow you away like the first did (which set the bar so damn high).
Sound stage is great, with nice surround use. Pretty much what you'd expect from a game of this type (though it's no Dead Space).
Haven't played deathmatch or horde yet. Once I'm done with the single-player campaign (I'm going through with a buddy) I'll try those out.
All in all, so far the game is a solid 8.5 on it's way to a 9 (it's been ramping up).