I finally found a copy of Bayonetta the other day for a price I was willing to pay ($17.99 if you're curious), so I bought it. My initial thoughts after completing the prologue and first chapter: guilty pleasure widget game. The character of Bayonetta is so ridiculously over-the-top sexualized that I'm cringing at every cutscene and frankly embarrassed to be seen playing the game, and the plot so far is so bizarre that I cannot see myself trying to explain it to anyone who hasn't played it, especially non-gamers. That said, the combat is actually very entertaining. The moves are extremely cool-looking, controls are crisp and responsive, and (on Normal difficulty at least) the game strikes a good balance between being easy enough to be fun and hard enough to provide a challenge and a sense of real skill being involved.
Bottom line: If you like action games starring pornstars who fight like poledancers, you will like Bayonetta. Yay cheesecake!