Okay, before you look at the pricetag and say "Lost Planet 3 is cheaper!!!". DON'T BUY IT... This game is better in many ways, let me point it out:
Chapter Select screen: + (Not in LP3)
Big variety of enemies and entertaining/Epic monsters: + (Not in LP3, you only fight "Akrid"(Aliens) and NEVEC soldiers in this game (SPOILER, SORRY))
Big variety of weapons and Vital Suits (Robot suits): + (Not in LP3, Why do I ONLY HAVE 8 DIFFERENT WEAPONS?!)
Teamwork and Co-op campaign: + (Not in LP3, LP3 is based on a singleplayer campaign.)
Laser/Plasma weapons and Rocket Launchers: + (Not in LP3, Why the hell not?!)
Character Customization, and the ability to use them in multiplayer and co-op/singleplayer: + (Not in LP3)
Free traversal of Environment with Grapplehook: + (Not in LP3, How do you restrict A GRAPPLEHOOK?!)
A great point system that counts your deaths, points and kills. Then gives a Devil May Cry styled Letter score from S to D. (S, A, B, C, D, from best to worst)
(Also, not in LP3. All these great features are stripped from the 3rd game, which gives a too linear experience.)
Apart from that, the gameplay is an Instant classic, it's not too advanced, and easy to learn. The graphics are great on max settings, not the worst I've seen even though they're a little dated. The teamwork works splendid, there is in-game voicechat but is mostly used in Multiplayer battles, not so much in co-op. The weapons range from the single Handgun to a VS Artillery Barrage, yes, you can take it off the VS and carry it around...! All in all, this is one of my Favorite 3rd person shooters of all time. Sad it went the way of Max Payne with the first 2 games being good, and the 3rd being a so-so. But atleast we still have the 2 first games. This was kind of 2 reviews in one, but I hope it changed your mind on LP2 and LP3.
-EDIT: I Completed Lost Planet 3 and the story improves a lot down the line, but the gameplay does not. The story is just as Epic as in Lost Planet 1, so if you still consider getting the 3rd game, do it for the story and you will not be disappointed. Only by the gameplay limitations.