I love the Metal Gear Solid-esque vibe it has. The PS-esque graphics rendering is so awesome.
I like the feel of the gameplay, and the first-person mode is just awesome.
In first person, I found it impossible to hit an enemy with the pistol from a distance. I don't know if there's a range on the pistol or if it's just really inaccurate.
Additionally with the first-person mode, I think you could really benefit from making it so the player faces the cursor as soon as you right-click, rather than the first-person camera facing where the player is looking. Dead Rising had this same thing, and was resolved with a toggle in options, whether you'd face Frank's direction, or the camera's direction when you ADS'd. Maybe consider that?
Also, what's with the delay in firing the assault rifle when you fire in third-person? A short delay is fine, to shoulder the weapon and line up a shot, but the delay just seems really long.
I can't wait to see more of it.