As a long time Lost Planet player and huge fan of the series since the beginning, I can say that this game is not for us.
The canon is broken from the first ten minutes of gameplay, and broken moreso at every single bend, turning the Akrdi threat into, well, not a real threat at all, VSs somehow sprouting from mechs three times their size, and the entire setting being....just ignored.
The game seems to set up it's own canon and it very much shows through gameplay, environments and design choices, that the development team either developed this as a standalone title because they wanted to show their own style, or that they completely have no clue about what the series is based upon, as the only design elements left from the original two titles, are the designs for some of the Akrid, and glowy bits on your armour. TE no longer works like it used to, grappling hooks went from fun to just a means of getting to exactly placed points and can't be used elsewhere. While the combat on foot is par for the previous games, the combat in the RIG is sluggish, slow, unreactive, and while the QTE-like moments while battling larger Akrid is sort of fun, the windows for counters are so tiny that you need to be quite good at the game to survive, and it is often better to simply combat the Akrid on foot.
The game does a good job at creating it's own world, however, and when viewed as its own title, rather than a sequel, it is honestly not bad. I could see myself really, really enjoying this game due to the beautiful, awe inspiring graphics, colour and environments, and while some of the designs are pants on head (Ie: not a single main character covers their face in the -50C weather), they often come off as their own product with it's own feel. The models are very much unlike game characters, and feel more like watching a live action series or movie.
The mechs, as a fan of the genre however, are garbage. The design team laxed back on huge, impossible to balance, utilitarian piles. The desperate attempt to seem believable and realistic is overshadowed by things like a giant, breakable cockpit window that constantly suffers damage, has complete ice overs, and serves as nothing more but face recognition that is impossible to see, as you're locked in first person view. VSs do exist, but the fact that these bloody things in no way resemble them but are somehow developed from them, and look not a thing like the original VSs, is a bit of a kick in the balls to fans of the mecha genre and fans of this series, the two of which often overlap. Instead of quick sliding and manouvering, we get CLANK CLANK CLANK. LP1 and 2 did the utilitarian mecha well, with it being reasonably sized, and with enough variety to suit anyone from the average anime fan to hardcore fans of old style mecha, and even to fans of western styles such as Battletech. However, this is mostly one bitter robot fans lament, and this is really up to personal opinion.
All in all, solid gameplay with a few problems and quirks. Beautiful graphics and design and a relatively believeable story, if not hindered by very poor dialogue at some points.
But, this all has to be ignored to some degree, as this is a title in an ongoing series, and indeed by that logic, must follow in the steps of its predecessors. The game fails on almost every level in this, and is something akin to an insult to long time fans of the series, and with Capcom's standard "It was your fault" schpiel to us for not demanding another game like Lost Planet 2, this game feels more like an insult than a new addition. This is a game for casual fans of the TPS genre, fans of sci-fi and sci-fi horror, but not a game for fans of Lost Planet.