I'm not too invested in the MGS-verse, but setting it between 2 and 4 and having Raiden slowly turn from human to cyborg seems like an appealing thing. it could be like Batman in Arkham Asylum where he starts out as a normal dude and slowly just changes into a dude that looks messed the hell up.
the blood and stuff in the trailer looks pretty damn stupid, but then there's about five seconds of combat where it looks like it could be legitimately cool.
-- there's a Batman-esque flow to the combat here that could be cool if it doesn't turn into cut cut cut cut. it probably will turn into some over the top ridiculousness because it's Platinum, but there's some potential here to have a cool flow and decent narrative. not counting on it though.
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xyzzy