I have some really mixed feelings on the game so far.
The weapon system is neat, but it's also super gimmicky. Combining weapons and effects works fairly well, but upgrading the raw stats on weapons barely does anything. The upgrade system in the previous games was more weighty and had a far bigger impact on individual weapons. The new system just does not feel as good. It also only works because of the Universal Ammo shit really. Also, they nerfed the fuck out of the Plasma Cutter. It's pretty much useless now and does absolutely pathetic damage.
The suit upgrade system is pretty much the same as before, except you use resources for every upgrade instead of the nodes and it separates it from weapons somewhat since you don't really use resources for weapons. Different suits are all purely cosmetic and don't have any effect other than on how you look. So far I've barely been able to upgrade my suit though (playing on Hard, which does affect resource acquisition rate), which kinda sucks.
The graphics have gotten a fairly huge upgrade, the engine looks a hell of a lot nicer. This is the only real plus over the previous games so far for me.
The dialogue is atrocious drama-nonsense and the atmosphere is non-existent. Dead Space did not need some fucking absurd love triangle bullshit. The setting definitely feels like it's lost a lot of its magic.
It feels like they really neutered the combat on top of killing the atmosphere as well. There's far less of an emphasis on dismemberment and guns seem like the most effective weapons now. Also, any fire-fight sequence with human enemies is absolutely fucking horrible.
The game works and functions as a a game, but it really feels like it has lost its soul. Going from Dead Space 2 to Dead Space 3 feels pretty much just like going from Resident Evil 4 to Resident Evil 5 felt.