So I just finished the game, turns out when I quit last time I was right in front of the final boss door, haha.
I'm afraid I have to say that right now I feel disappointed with what I played. The story is a bit pretentious, and essential plot details are never explained (or maybe unlocked in New Game+, I don't know if that changes anything) so the story didn't really resonate with me. I loved the narrator in Bastion because it was original and meshed well with the gameplay, but in Transistor it just feels like they tried to go for the same effect and it doesn't work as well.
The combat system is awesome. The amount of tactics you can deploy by mixing and matching different mods is amazing to say the least and it was very fun to try different combinations. I also like that using mods in different positions unlocks character bios so the game really pushes you to try out new things instead of sticking with one tactic that works for you.
That's why I'm so disappointed in the actual gameplay. There's a really cool fighting system but actually playing with it felt boring and sometimes frustrating. When you're not freezing time but running around in realtime, there's not much you can do but avoid enemy attacks. Red moves slow and there's no dodge mechanic, unless you spam the stealth move which makes the realtime gameplay even more of a "waste time until bar fills up" part. To me this didn't feel really balanced enough. That said, unleashing your queued moves is cool and if you pull of a cool combo it can be very rewarding. So it's a bit of a mixed bag for me.
Unfortunately the combat is actually the entire game. You have these areas to walk through, but there's actually not much exploring to do. You just go from fighting area 1 to fighting area 2. So if you love the combat, you'll automatically love the entire game, but if you don't like the combat as much, like me, this will get repetitive very soon.
The game feels very RPG-y with lots of text and character bios to read through if you want to understand the "lore" or background info of the story. There are terminals to interact with, and I found these one of the most interesting things in the game. They give you news items from the game world, you can vote on stuff, order food, stuff like that. Really cute.
I will definitely play it again in New Game + and I'll try to beat all the challenges as I feel like I'm not really done with the game yet. It's only like 5 hours long and I was just getting into it when the credits started rolling. Hopefully my next playthrough will be more enjoyable.
It's nowhere near a bad game, but to me it's definitely a step down from Bastion, which I loved very, very dearly. I'm happy to see that my opinion is the exception and that the game gets a lot of praise from everyone here, because I really appreciate Supergiant's unique approach to game design and I want them to make more

.
edit: OH. The soundtrack. The soundtrack is GODLY. Buying that asap.