The bionic arm isn't as good as Spiderman's web slinging, and the 3rd person gunplay isn't great either. It's not open world, so you can't play around with the bionic arm, and it's very linear.
It does stay true to the original though. Very similiar and sometimes frustrating gameplay. You run out of ammo constantly, and are forced to take out enemies to progress. Unlike the original you can't go back to the same area to collect things, which is frustrating.
What made the first Bionic Commando fun to me was the RPG like open world, and collecting items. The arm was just a cool feature.
This game is all about the arm, and any open world elements are gone.
Also the voice acting is pretty cheesy, and the story isn't all that interesting. Especially given the cheese factor of the actors.