Bump for it being out and actually playing it. Here's my mini review:
Mortal Kombat is back. I'm not talking that crappy "Mortal Kombat Armageddon" and PS2 crap. I'm talking MK 1-3, the good ones. It also returns to an M rating, so there is tons of violence and gore in this one, not the crappy teen rated DC vs MK.
The gameplay feels like it's back to more of the 1-3 style. Though you can still do custom combos like the other series, the gameplay has improved IMO. Shao Kanh and Goro are actually a pain to beat once again, borderline overpowered. But hey, they're bosses they should be hard, also you can't play as them so them being overpowered is fine. If you were a fan of MK3/Ultimate, you'll most likely enjoy this one. Almost all the MK3 guys return: Kabal, Cyrax, Sektor, Stryker etc etc.
The story mode is very well done. One of the best video game stories IMO. It's like a movie and whenever a fight comes up you participate and control the fight. Though you do have to win every fight, so the story mode is very linear. However, it explains everything. Though it does change a few things here and there from past MK stories, it tells it all again.
The story takes place in Mortal Kombats 1-3, and covers them all. It explains many of the character's backgrounds. It explains why Kabal has his mask, how Cyrax and Sektor became robots, why Scorpion hates Sub Zero, it explains who Kitana/Jade/Milena are and how their roles play in the story. The story mode overall is great, especially if you love the Mortal Kombat lore. They did change a few things here and there, but overall great.
I got it for 360, so I haven't gotten to play with Kratos yet. However, if you're competitive and planned on playing in tournaments, Kratos is banned for being console exclusive and an unfair advantage PS3 players have over 360. So tournament wise, Kratos doesn't matter. I have heard he is really slow though. And from the gameplay I've seen online, Kratos isn't even played much and even when he is he can easily be beaten, so no "overpowered exclusive character" shinanigans.
Overall, best Mortal Kombat since Ultimate MK3.