I played it 7 YEARS AGO and it was PERFECT. I am playing the HD version right now on PS3 and it is still quite good, but some controls feel a bit outdated. Back then for me this game was a Masterpiece because I am a fan of MGS franchise, the graphics were terrific, the story was amazing, and with the camera change in the subsistance version was a great change. Also the gameplay and cutscenes were balanced great, because there are not cutscenes too long; and in each area you play a LOT. In MGS4 the stage 3 is quite a joke really because it is too short, and most of it are cutscenes. But because of the gamplay (which is Freaking OUTSTANDING) in MGS4 is why for me right now it is the best MGS game yet.
Games have changed A LOT in 7 years; I bet that if you played the game back then, you would have thought that it was the best game ever. Most people still remember MGS3 like a masterpiece, that is why they write a lot about it.
For me it would be this way:
MGS4 > MGS3 > MGS2 (I hate Raiden)= MGS1