Sorry for the epically long post but I think I learned a few things myself while trying to figure this one out.
I own Red Steel 2 and agree there was indeed effort put into the game. But despite the very well executed controls and the very good graphics I eventually found it somewhat boring and never managed to bring myself to finish it either.
I think the reason for this is a combination of needing to put in a lot of physical effort in order to progress in the single player, and getting relatively little reward for your progression. I just didn't feel compelled to move forward. There was no story to care about, no meaningful character interactions, no level progression..
In fact now that I think about it -- having played roughly six hours of the game it feels like the entire experience could have been condensed into 1-2 hours, or in other words - it felt more like a tech demo than a full game. That's how repetitive it felt.
After every hour or so of doing the same thing you are rewarded with 1 or 2 new moves. However for the most part these moves didn't really have much of an effect on gameplay.. I mean after trying them out a few times you were basically right back where you started..
I think having repetitive combat isn't such a problem for side scrolling games like Ninja-Gaiden because you are also being entertained by your character's cool acrobatics, so performing the same moves over and over again isn't as boring. Being in first person obviously takes away this experience and also contributes to disorientating the player - and the confusing level design didn't help with that either. To further illustrate my point just think about side scrolling brawlers, and how often the player character is facing away from enemies, sometimes even in the middle of an attack (like performing a somersault or back flip). Not only is this not distracting, it's amusing to watch. Contrast this with a game like Mirror's Edge, and you begin to see that this is a bigger problem than just Red Steel 2.
Continuing on this train of thought, another contributing factor to the boredom was the variety of moves. When playing third person brawlers there can be different variations on the same move depending on the direction the character is facing, enemy type, environmental objects etc. A good example of this is the combat in Metroid: Other M. An even better example would be last gen's Prince of Persia: Sands of Time.
In these games, even when you are essentially giving the exact same command you experience different results depending on camera orientation (allowing you to see the move in a new way), enemy type (different animations for the player character), enemy and environment orientations relative to the player (performing a jump near a wall vs near a pole in Prince, for example), and possibly even some randomized variations on the same move just to look cool.
While all these are definitely possible in a third person game, they are very difficult to implement in a first person game because you don't see your character's movement. You can't switch camera angles and you can't cycle through different animations while in first person because this would be too confusing for the player and may possibly break immersion. You also have a limit on how acrobatic these moves can be to begin with because once again, it's disorientating.
If you think about games that are somewhere in the middle between these two categories - i.e. not in first person, but without a fixed camera either - a game that comes to mind is Jedi Knight 2, then that game also had acrobatics that were fairly limited by the camera and as a result the combat wasn't as exciting as you might imagine.
The final point is that the developers themselves described the game as a "First Person Brawler" and if you think about what made old-school side scrolling brawlers fun it was usually the cool moves (which you could see) and the co-op multiplayer (which was absent here).
So to summarize, I think there is just as much of a problem with this type of design as there is with Red Steel 2 in particular not taking additional measures to counter these problems (like having more variety and a better story and characters).
Essentially what it comes down to is a wiimote brawler in first person = way more work for less reward than a traditional side scrolling brawler. Take away multiplayer, co-op and variety and you've got yourself a problem.
Still, I think there is much to learn from Red Steel 2 if the genre will ever be tackled in the future.. I just wish the Wii could benefit from some of the fruits of all these "experiments" (it probably won't)
Until you've played it, every game is a system seller!
Wii FC: 4810 9420 3131 7558
MHTri: name=BOo BoO/ID=BZBLEX/region=US
mini-games on consoles, cinematic games on handhelds, what's next? GameBoy IMAX?
Official Member of the Pikmin Fan Club