Right now, the game doesn't have that "next-gen polish" we've become so accustomed to on the PS3. Textures and character models don't really pop out. However, the framerate seems pretty solid, and the action flows at a brisk pace. At the very least, it looks better than the other light gun port, Ghost Squad on Wii.
The new FPS mode is where the game features the most potential, adding some depth to the arcade experience. Right now, the AI is fairly unintelligent, and the level design feels similar to the original on-rails mode. What may come as jarring for some is the lack of a gun model on-screen. FPS players have long been used to the gun being on screen, but because this game requires players to aim with the Guncon 3 (G-Con in the PAL territories), the indicator is unnecessary.
Right now, Time Crisis 4 looks like it needs some polish. However, Guncon 3 is an excellent peripheral that has us keeping high hopes for future light gun titles.