I played for 4 hours before going to bed last night. And a few more this morning. Thoughts:
(Disclaimer: I am a fan of the Lego series, and enjoy their gameplay, so its slow pace is not a turnoff.)
+ Definitely TT's magnum opus - it shows now that they're given a short dev period to make other Lego games. This one is really polished by their standards, and rich in detail.
+ Story is actually well written and more amusing than the trailers made it seem. There's a great understanding of 80s movie cliches here beyond one-liners.
+ Voice acting is really good, brings the characters alive.
+ Gameplay feels a bit more solid than previous Lego games, possibly Nintendo testing at work.
+ The car handling is fine IMO; they are heavier than Lego Batman vehicles, but still handle like toy cars. The way vehicles get damaged in real time is great.
+ The open world is bigger than the map posted online makes it seem. The scale of each region is large for your character and packed with detail.
+ There are a LOT of side activity points that are immediately visible and require future disguises to unlock.
+ 70s soundtrack is not over-used, doesn't play constantly.
+ Gamepad use so far is pretty neat. When characters pop a video window up, their chatter comes out of the pad speakers but Chase's voice and replies stay on the TV, nice interplay.
+ There are jaggies, it's unfortunate. Otherwise, the graphics are better in action than shots may appear, as there is some nice lighting, shadows, and effects like water and shaders on stonework and stuff. In my opinion, it's a bit higher quality than an open world game on PS360 - the landscape retains detail further into the distance, the median texture quality on everything is higher, with a large variety of textures in play.
+ Framerate so far is solid and smooth 90% of the time. It judders just a little in expected places, such as standing at a crossroads where there is heavy traffic, pedestrians, and probably near invisible pre-caching boundaries.
- The primary loading world breaks are where TT's engine falls down. It doesn't perform the big load during every transition. But when the main game environment has to reload, such as after a mission, it's pretty nasty. 35-60 seconds of progress bar.
- There are actually mission checkpoints now, so it appears sections can be failed, but it's still designed so kids can play as well as adults. It will fail to engage some folks, no way around it.
- Lack of an automatic save on game exit is annoying and an oversight. It's designed to save every time you get a significant item, like a special brick, or even just a large valuable resource item. But you could still do a lot of regular stud collecting and such between saves. I'm really surprised Nintendo didn't tell TT to update their saving convention from previous Lego games.
- The jaggies and image quality are not as bad as some games, like Sonic Racing Transformed (which, to be honest, I thought was quite terrible in that area). But they still harm what is an otherwise surprisingly pretty visual presentation.
Overall, nothing besides the loading issue is disappointing my expectations, and the game exceeds them in a few areas like story, humor, and how packed the game world is with details. I was hoping Nintendo could bring out TT's best, it seems they have.
I think if you can get into the relaxed pace, it is a very meaty game with a ton of stuff to do. Also the kind of game the console needs right now, it'll last a long time if you like it.
If there's enough complaints about the loading, I hope that there's something TT can do with a patch to improve their loading scheme even a little bit. Btw, it seems the reason the game loads before a cut scene is that it's preparing data for the mission following the cut scene - lots of special placement for NPCs, required vehicles, and modifications to the area the mission takes place in.