No, it's not as bad as most what most people say. Scores like 3 or 4.5 are just rubbish and the reviewers should be fired on the spot. Personally, it's at least a 7.5 for me but I'm only on the third chapter of Leon's story which is the first one I started off with.
Its because RE is no longer a horror game, but a third person action game. I didn't mind this at all and I had a blast playing it. Its a really good game on its own merits and not terrible as most people say.
I love the Resident Evil series, but like mentioned it isn't really scary anymore. I mean they take on these huge freakin monsters with handguns, so what is a room full of zombies? I really hope the next game focuses on the less used and younger Resident evil characters and try to blend the third person shooter with the old school horror elements. I would say use Piers and Sheva, but that won't be happening (;_;)