Picked this up during the Majesco sale. In the past I've never been into 3rd person action games, then I played Prince of Persia. Since then I've played a number of them, most recent among them Blood Rayne.
As a game, it's pretty fun. Yeah the story is very generic, paranormal-division of the nazis. We've seen it before in all types of movies and other games. So don't expect anything fantastic in that regard. Some of the dialogue is a bit cheesy, but a lot of it is quite humorous.
Gameplay wise, some of the animations are a little bit artificial at times, mostly when she's running around, would be nice to see the characters better planted in the environment. But a lot of the fighting animations are pretty good. The combat itself is fairly entertaining, though I find it to be a little easy myself. The whole "grab the guy and suck his blood to heal yourself" move is very powerful and can take down a wide variety of foes with little trouble. Against melee enemies you rarely even take damage while you're doing this. Also the game has a sort of "bullet time" like you might see in FEAR. The problem in the game however is that this bullet time is unlimited. You can play the whole game that way if you really wanted to. For some of the bosses, it is necessary, but it can make other parts of the game uneccesarily easy. The only really challenging guys are the panzerschrek and faust guys (german bazooka or rocket launcher). That being said, it's still prety fun.
Overall, for the price and if you have the time it's worth a go, but it won't be the best game you ever play. Though for me, I'd play almost any game for 5 or 10 bucks. The price is right :D