I played it for about 3 hours thus far.
I'll echo this once more; the IGN review was totally off. No it's not perfect, yes there are a few missed opportunities, but I'm having loads of fun with it.
The combat is awesome. Sure you can button mash, but where's the fun in that? It's a fairly deep system if you let it be, and the more abilities you upgrade the more moves you can pull off. I also find it interesting that IGN loved Fable II's combat system, which is literally three buttons (one button for close attack, one button for ranged attack, and one button for magic). WoS has a lot more complexity to the fighting system and it's awesome.
Graphics are meh. I love it when a game has great graphics, but when it doesn't it doesn't bother me that much. Sure it's the prettiest Spider-Man game to date (not counting Ultimate Spider-Man) but compared to other games currently on the market the graphics are nothing special. Character design for the random civilians and thugs is uninspired at best.
The music, one of my least favorite aspects of both Spider-Man 2 and Spider-Man 3 is at least tolerable this time around. It's not memorable or awesome, but it's not painfully bad either. Other sound effects are spot on. Also, the animation is the game is pretty superb.
The game is incredibly easy. Your health regenerates, you can dive off the tallest building without taking any damage, and when you do die you will rarely have to play through more than one or two minutes of what you already did before you died. I personally don't mind any of this, but some of you might.
The story is pretty weak but I'm still enjoying it a lot. It's hard to believe people who actually worked on the comics made it... it's something that a 13 year old writing a fan fic could probably come up with, but oh well. The morality system is pretty flaky, but that's where the replay value will come from for me. I'm doing only Red choices this time, and next playthrough I will only do Black choices.
And yes, the game is good enough (at least for me) to play through a second time. The boss battles are pretty long (as in, much longer than they need to be) but are still awesome. I didn't like swinging around the city at first (I'm bitter that the SM2 swing controls have never resurfaced) but now I'm loving it. Unfortunately the variety to the random city missions is atrocious... it consists of swinging around until you either find
A) Bad guys to beat up
or
B) A civilian to take to the hospital
In my three hours of playtime, I've only taken TWO civilians to the hospital, and everything else is just fighting... over and over and over again. The only other thing to really do in the city is collect Spider tokens (of which there are 2000) but those don't really reward you with anything all that awesome either. After a certain amount you get more health and a faster swing speed... But so far as I know, that's it. That's the biggest missed opportunity in my opinion. No unlockable suits, comic book covers, etc. That would have added so much to the game for so little effort. At least there are achievements to go for in the 360 version.
Overall I'm really enjoying it. I'm enjoying playing through the story more than I did with SM2 but less than I did with USM. I'm enjoying free roaming less than SM2 and more than USM. So this game is sort of in the middle of those two as far as balance and what it gets right. And every aspect of it is better than Spidey 3.
Here's to hoping there's some bonus DLC later on.
Bottom line: if you originally thought you would like this game, it's almost assured that you will. Lots of untapped potential, but also lots of stuff that they get right. If you are a Spider-Man fan I'm sure you won't regret the purchase. The fun factor outweighs the flaws for the most part, and even though they could have very easily extended the life of the game beyond the story its still going to be fun to replay and see all the endings (of which there are 4)
Hope this helps