It's just a lot of fun... And to be truly enjoyed, it should be played on the higher difficulties.
The only thing I need to say about the graphics is that when David Jaffe claimed a few months ago that the game looked like an interactive oil painting, he was absolutely correct. It's not that the graphics are simply beautiful and highly realistic- the colors and lighting really did make me feel like God of War 3 takes place in an oil painting. It's an awesome effect, and one that should be seen to be believed. The sound is also really nice, and I particularly liked the grate of the chains when Kratos swung his Blades of Exile. Very satisfying.
The story is good enough, though nothing to write home about. It's certainly helped by the more focused approach that the developers took. Instead of simply moving from one location to the next (like in the disjointed God of War 2), the entire game feels connected in a way that only adds to the immersion and incredible sense of scale. There were times when the script felt stale, particularly with Kratos' consistently badass lines, once I learned to accept it for what it is, I found it pretty enjoyable.
In terms of gameplay, fans of the series pretty much know what they are getting here. The combat feels exceptionally smooth and has a very nice flow that really shines through when Kratos is fighting groups of powerful enemies. The QTEs are prevalent, but for whatever reason I sort of enjoyed them here. And while there are some cool collectables and unlockables (like making-of videos), I sort of wish that there was more to do upon completing the game (though I am having a blast playing through it on harder difficulties).