Loading is never long, but it is frequent. You wait three seconds to bring up the menu. You wait three seconds when you find a new item. It's not a huge deal but you do expect better than this in the seventh gen.
Honestly though, how long do we wait in between matches in Uncharted 2 and Modern Warfare 2 online? How long do we wait for Killzone 2 to load every map? If you have the patience for that then the load times in Bayonetta will be nothing more than a slight annoyance.
The framerate is terrible at two points in the game. I think that's the bigger issue.