Never played Time Crisis before (maybe one or two arcade shooters at Dave & Buster's, many years ago), but this was really fun and polished! Art and effects are very nice, and trying to speed through the balance of cover/reloading and shooting was great, especially with a friend I got to tag along. The sound design was very good as well, with not just the light gun sounds and music, but those announcer lines.
My only suggestion would be to make the spacing between knife projectiles a little wider but more constant, as sometimes it felt like I needed to duck to wait out a whole attack cycle without being able to get some tricky shots in.