I'll be passing. It's not getting great reviews, only "good" reviews (there's a difference I tell you!). I nailed it on the head when I predicted an 8.5 from IGN a couple of months ago.
Electronic Gaming Monthly gave it 8, 8.5, and 9. That's not quite enough for me to play, especially since the first one is still amazing.
The flaws in it are the exact problems I had worries about when the trailer came out: the bullet-time stuff is cheesy as shit. Too much narration (more than the first!) and too little additions to gameplay are what's getting it those reviews according to the reviewers. In other words, if you haven't played it on the PS1, then buy this one. If you've played it on the PS1, it might be worth a rental. If you're a total Metal Gear freak, then buy it anyway!
-Lasereth