I got the PC version when it released last year and really liked it, but it's probably not for everyone. I'm a big fan of the Gothic games - Gothic 1 and 2 (+addon) definitely belong on my favorite-games-of-all-time-list. That said, it's a good game, but it doesn't reach the level of Gothic 1 and 2, but is better than Gothic 3 imo.
To break it down:
graphics/design:
I really liked the graphics on PC, but I heard that it doesn't look too good on xbox360, but this is supposed to be a better version - so I don't really know. The island is well designed and the jungle looks quite lively - I got really immersed in the world. 9/10
sound design:
Great! The music fits the mood of the different areas and is just well put together. Kai Rosenkranz - the composer/sound designer of the Gothic games and Risen is well-recognized in the German gaming scene. The German voice acting is excellent - maybe someone else can shed some light on the English one. 10/10
gameplay:
The fighting system needs some "getting used to", but works quite well once you have some training. Exploring the island is pretty fun because there are hidden treasures to find everywhere and you never know which kind of monster will wait around the corner. The quests are versatile, but the game suffers from bad pacing. The game is divided into 4 chapters. In the first 2 chapters there are so many quests from so many different people that you don't know where to start, but in chapter 3&4 there is only the main quest line to do, which is a letdown. 7/10
story:
The story is so-so. The premise is quite good, but there's no real surprises and the closer you get to the end of the game the more it turns into a run-of-the-mill story. Compared to Gothic 1&2 the story is the weakest point of the game. 5/10
Overall I liked it and would rate it a 7.5 out of 10.