I'm about 10 hours into my review play-through.
I'm kind of digging it, but yeah, it's got some flaws.
* The balance between tactics and TPS is pretty even. You can't just charge in like a standard TPS and do all the work yourself. Just most of the work. Companion AI is a consistent problem, running into gunfire a lot, and in this game a second's worth is deadly. But if you give them directions regularly enough they can become helpful. So your commands tend to be more about keeping your guys from getting killed than using them to help you kill. But as you get a feel for your style and level them up, the skill tree perks can make them pretty damn handy.
* Difficulty for some reason alternates between breezy and murderous. There's also a gun you get about six hours in that noticeably notches down the difficulty and allows you to play it more like a standard shooter.
* The story is pretty blah. Carter is your standard Traumatized Middle-Aged White Ex-Soldier to a tee.
* Ammo is actually managed quite well. You'll run out at the end of some battles, making you risk taking fire to vulture corpses.
* Taking down Mutons -- who give me Nemesis-like chills at this point -- and just barely surviving battles with them is pretty exhilarating. Plus dressing all my squad up in hokey '60s pastels is neat.
So I'm definitely keen on finishing the game.