same thing with me ... the ps3 port is not that bad ( PAL version ) ... I beat the game today ( very easy mode in 7 hours ) ... Don't believe the reviews on the net ... the port is not that bad ...
for me ... the loading times are not that noticeable ... it takes one or two seconds when you got an item ... and there's five seconds loading before/after each chapter ( beside, you'll be in practice mode while loading before each chapter so u'll not get bored ) ...
as for the frame drops it doesn't affect the gameplay at all and it's that bad ... it only happened with me when I summon the demon ( the dragon one ) and on the final battle ( i guess because of the large size of the demon and the final boss ) ...
i guess the only reason behind the problems for the loading times and frame drops is no mandatory install ...
the game is still fun ... it's my favorite hack and slash game this generation ( DMC4 was a big let down for me ) ... but of course GOW3 will be number one on my list when march comes ...
Overall, I give this game 9.5/10 ...