Ubisoft tends to create these mind-blowing, industry-changing engines...and then forget to build proper games around them. Assassin's Creed did the same thing; it was like once they figured out the gameplay mechanics and slung around the phrase 'design philosophy' a bit, they decided it was done, shove it out the door.
You already know the instant-pickup-not-die-Elika-Save-Thingy will be hijacked into every game for the next six years until something better comes along. And the next Prince of Persia will take this engine, build upon it, expand on some good ideas, and then make some horrible missteps that seem almost nonsensical; ie, the Prince will be more likeable and slide faster, but will be one-legged and have a Scottish accent. It will be hyped and hyped, given 10's by all those magazines that 'never give tens', and a few tentative voices will call out flaws from the back of the auditorium but no one will hear them over the clamoring waves of an artifically-regulated industry.
And then the cycle repeats :O
On a side note, the idea behind the battle system was pretty solid, I think it just needed some more fleshing out. A good example to take notes from was the Path of Neo Matrix game-- over all pretty horrible, but the contextual combat had the effect of occasionally making the player go 'Holy shit that was awesome how did I do that?!' in a way that I think the Prince of Persia combat engine could refine and improve upon. They claim (repeatedly) to be striving for a cinematic feel. Pretty camera movements do not a cinematic feel make. A 'cinematic battle' should be a sudden, chaotic affair that leaves you tense and breathless, not an exercise in 'patience' (read: hair-trigger buttonmashing). FEELING like a movie and PLAYING like a movie are two different things entirely.
On an up note, however, I would give the developers some strong praise for the ending (obligatory sequel-pimping aside). The way in which the last fifteen minutes of gameplay unfold were the sort of eyes-wide, speechless immersion I wish could be distilled into an entire game just once (COUGHshadowofthecholossusCOUGH).
It's telling that the player feels most involved/driven when suddenly all the world's shiny buttons and prompts drop away, and he is given only a vague and inevitable idea of what has to be done. This is why Bioshock felt so immediately immersive to me the first time I played it; from the moment you wake up in the ocean, your only prompts are aesthetic (no glowing arrows or voices screaming "GO FORWARD), and every step is taken with the kind of hesitance and uncertainty the character is supposed to be feeling. The beginning of The Elder Scrolls: Morrowwind had a similar feel; you're dropped in a swamp with some underwear and knife, and sort of given a shove out the door without really any sort of prompt or direction. Instant fear/wonder/immersion (as, say, a ten-year-old child would feel somewhat 'immersed' and emotionally impacted if you suddenly opened the door of the car, kicked him into the middle of Times Square with ten dollars and a mini-map, and sped away)
But I digress.
Overall I'd give the new PoP a solid B+. You continue to shine above the other students, Ubi, but we both know you can do better :\