I've got the PS3 port, and so far I'm finding the load times tolerable, if annoying. I choose easy mode as to avoid too many deaths (and consequently 30+ sec. interactive loading screens), but the QTE are annoying, being hard to predict and sometimes hard to get right (be it due to lag or inferior reflexes). There's no denying the combat is incredible though, even with the PS3 supposedly lower framerate. The soundtrack is insanely bizarre (very Japanese), and can get annoying, but music can be turned down/off.
The game is truly awesome in a very surreal way, even on PS3, but have some beer prepped and ready for when it loads between levels. This is a game best enjoyed patiently drunk, but if you (can) fall into that category, it's an incredible ride even on PS3.