Pros: GunCon provides a unique way to control the game
Cons: slow walking, poor controls, time consuming set up, boring.
The bottom line: Unless it drops in price, dont waste your money.
As the other reviewer said, I too was happy to see Time Crisis come out on the PS3, especially after experiencing the awesome arcade version. However, this game has much to be desired.
Graphics:
Though the graphics are not poor, they do not live up to the potential of the PS3. Every character you encounter looks just about the same, and the backgrounds are very static.
AI:
For a modern day First Person Shooter, the artificial intelligence of the opponents is rather poor. The charaters are placed in the same location on each screen, so you always will know where they will be if you play the game twice.
Physics:
Simply put, there are very little physics to the game. The maps are not complex enough to support falling down stairs, or shooting people off of a high place. Most characters simply drop to the ground
GunCon:
The gun is fun, and reminds me of the old Nintendo days, but not necessarily in a good way. It is fun because it is a different type of control, but overall it is not accurate and the equipment is plain cheap plastic. First off, you need to plug in optical led sensors to a USB port on your PS3, then you need to plug the gun in itself. The gun only has a 10’ long cord, so any more and you will have to stand in front of your tv to play the game. Why didn’t they make it wireless? Or at least have both units only take up one USB port instead of two?
Controls:
Using the gun in arcade mode is easy, though it gets boring fast moving through static maps and pop up enemies. In the full game mode, it is difficult to control, and your hand will get tired holding the gun up for the entire game. Plus, there is no “run” feature, so you slowly walk through every map
Multiplayer:
The one thing I was hoping for was a true to the arcade version multiplayer game. However, instead they used a split screen scenario, even though the other player is physically right next to you in the game. Would have been a much better experience if it was full screen.

Overall:
If this game (with gun) was in the $30 price range I might recommend it to pass the time, but at $80, and with a complicated setup procedure, you are better off getting a traditional FPS like call of duty 4, and forget the guncon 3.