As someone who's never mastered anything like jump canceling of buffering I'd rather the combat above DMC4 but below DMC3. Again, I've never been able to tap into the complexities of DMC3/4's combat so I can't say much about that.
The games flaws become more apparent as you play it more but depending on what you are looking for the game might or might not suit your tastes. If you are only interested in a one time experience the game is great. If you are looking for something that might play a lot, not so much. There definitely is a combat system to be mastered if you are new to the franchise and some cool little extras if you already mastered a previous DMC game, it's a good introduction to the rest of the series. However, the game does have significant short comings, specially if you have mastered a DMC title before this one, as people who are better at DMC3 and 4 tell me. As people have said, the game is more stream line and accessible, which might not always be a plus, depending on what you are looking for. Its a fine HnS, just not what I'd call the best DMC.
It's more 'good job, little buddy' and less 'you can do better than that!' It took me 4 tries to S rank the first mission in DMC3 but dying 4 times in DmC still got me a SS rank... It's a bit patronizing, actually.
The game is pretty cheap these days so it's not as big a risk as a $60 investment, and return policies are pretty forgiving on used games if curiosity gets the better of you.