This game plays and feels different from the other Lost Planet entries. That much you can get from any other review, and that by itself puts some people off - but not me, and I think you should give this game a chance. That said, I'm not much one for multiplayer, so my comments are about the campaign.
The sound and graphics are good, especially the sound design for the weather. Very atmospheric, it really gets your attention when a howling, thundering blizzard rolls in and whites everything out. The music is not bad, and comes in two flavors: moody science fiction-style instrumentals, like what you'd hear in Aliens or Homeworld, and some surprisingly classy western-style guitar and fiddle tunes the main character likes to listen to. They're both understated, but nice touches.
The art design and graphics fit the mood as well, giving E.D.N. III a stark beauty you don't find very often. The character animations are a little stiff in-game, but not anything that really breaks immersion - and the mech animations feel nice and stompy, like they have real weight to them. It's a nice effect that I appreciate.
The storytelling style is well done, particularly given it's a Capcom game. I don't think they'll ever really live down Resident Evil's infamously cheesy dialogue, but this game feels like it was written by Joss Whedon. Some commenters have mentioned the game feeling similar to the movie Aliens, and I can see that, but I think the main character has more in common with the frontier pragmatism of Jim Raynor or Malcolm Reynolds.
So, that's scene-building and mood-setting, and it's done well. But this is a shooter, right? So, how is the action?
It's a solid third-person shooter. You have different loadouts you can switch between, upgradeable weapons, and a basic cover system. Getting new weapons can be kind of slow, especially if you focus on side-quests, but every weapon always has some utility: there aren't many trash guns in this game.
The pacing can be a bit ♥♥♥♥♥♥♥, and is my only real issue with the game. One of the first QTE's - sorry, I didn't mention those, did I? Yeah, there are some QTE's in this game. They're pretty forgiving, though, and they don't show up enough to be obnoxious.
Where was I? Oh, right, pacing. One of the first QTE's is in the middle of a "help us, player character! Fix this problem RIGHT NOW!" situation that blows in out of nowhere. The urgency of that errand is a pretty sharp break from the smoother pace the game had had before that, and afterward, it goes immediately back to that "take your time if you want" approach. It's a bit jarring sometimes.
So overall, if you're a fan of shooters and gritty science fiction, you like mood-building and atmosphere, and you don't mind some pacing shifts, I would definitely recommend this game.