It has flaws, sure, but it is very, very near to being a masterpiece of the genre.
It's clear that many people mistakenly think the combat is bad because they misunderstood it. I'm sure they thought it was unresponsive or just plain broken when they played it.
But the combat is not "hack & slash" type, where a button press equals an attack. The combat is rhythm-based, just like the Arkham games that came later. You initiate an attack, wait until the attack is complete, and then initiate again at the correct time, which build into more and more powerful attacks. Just like the Arkham games, if you mis-time it, you'll still do damage, but not near as much, and you have to start over at the beginning of the attack cycle.
It saddens me that so many people truly believe the combat is "terrible", when it is simply a matter of misconception.
Flonkam's comments