In all honestly, I wasn't there Day 1 because I didn't have a PS3, but the day I got a PS3 I bought MGS4 with it.
The first Metal Gear Solid games was, until recently, my number 1 game off all time.
When I purchased a PS2, it was the day Z.O.E. was released with the MGS2 demo and I played that to death, and I had MGS2 pre-ordered for the longest time and played that to death.
But I found that the game did not have the magic the previous games had, like I said flashes of genius.
Laughing Octopus fight was amazing and really really well done.
Snake running through the streets during those battles was good fun, tracking the footsteps was a bit tedious but it was new for the series so I went with it.
The return to Shadow Moses again was just amazing, Snake hearing the voices from the first game was spooky and there was a tinge of sadness to it all.
As for Snake's death, it should have been before the video from Naomi. His death should have been right after he uploaded the virus, but I know people will disagree so its just my opinion. Here is how I would have finished the game (and I know people will object):
Snake is crawling down the corridor, the microwaves pushing him to his knees, death is near, he coughs a few times bringing up blood, he enters the room holding the AI and crawls towards the console. Suddenly we cut to Liquid running down towards the AI room, he punches the code to enter the corridor and the microwaves shut off. He starts heading down the corridor.
Snake starts to upload the virus, he turns to see Liquid still hurtling down the corridor towards him, Snake takes out a cigarette and lights it and then as the virus is uploaded, the systems are under Otacons control and we see Otacon start up the microwaves and lock the corridor. Liquid sees whats happening to late and Snake just points at him, smiles and says "bang" and the doors close.
Snake dies at this point.
Again my opinion.