The game plays OK on the PS3, but I feel it could be better; the whole framerate drop is BS, as when you actually battle enemies, so long as you focus properly and play it right, you'll be able to get platinum or gold most of the time.
For that matter this game is fun, you being a DMC fan will prob. love it as it's like DMC taken to the next level.
I haven't gotten far into the game myself (playing Demon's Souls ATM ^_^; ) but I hear the farther you get in the more awesome this game is.
BTW in the intro video at the start of the game...they're not talking about THAT guy; just some random dude that passed away.