Beautiful artwork and addictive gameplay: the two things Muramasa hit spot on. The gameplay is awesome and the beautiful scenery is just stunning and adds something very special to the game.
Notable pros of the game:
1.) Beautiful character, boss, and scenery designs.
2.) Addictive gameplay
3.) Each character has their own set of swords which have different special skills. Each character also has bosses unique to their storyline so the gameplay is not identical for each character.
I only have 3 complaints about the game:
1.) The travel time between areas can get tedius sometimes but this is somewhat similar to an RPG where you get experience points and level as you travel. Not my preference though.
2.) The stories are fairly weak and uninteresting for both characters.
3.) After you beat the game you're encouraged to unlock the 2 addition endings for each character (for a total of 4 additional endings). There is absolutely no additional story line added to the game but they give you different ending scenes. All of the ending scenes are pretty uninteresting and not anything someone couldn't predict so you feel cheated having spent the additional time. I probably would have been happier just stopping at beating the game once.
The cons are minor however and aren't enough to ruin the game. Definitely worth picking up.