I've been on a PSO:BB kick recently and I can say that this is a refreshing addition to the series. It all feels very familiar while still being different enough to make me feel like I’m not wasting my time. I’m loving the weapon choices as well as the Photon Arts. The replay value is through the roof.
It's noob friendly too. All the nitty gritty things that turn people away from PSO have been removed or made easier. Mags and items drops are two big changes, for example (and oh my god Photon Drops).
It is by no means perfect but certainly worth picking up and having a romp around online. Hackers seem to be low right now so online is full of friendly players who are actually quite courteous.
Story mode is alright, but after about lv30 or so your party members become nothing but meat shields; their weapons do not upgrade. You’re dealing hundreds of damage in a combo but they are still lucky to break 20. It is not helpful when bosses have ridiculous amount of life. The healer is good though, She knows when to spam the group healing spell.
All in all I'm pleased with this game. Newcomers should not be intimidated and fans of the series won't be taking pitchforks and torches to the Sega HQ. Good game.