I don't yet have Bayonetta (I don't have a 360 or PS3... by the way, I hear the 360 version is significantly better). I have however heard a lot about it from reading Game Informer, and I also know of it's creator's previous work... games like Viewtiful Joe, Devil May Cry and Okami. Great games in other words.
I know the game plays a lot like Devil May Cry, which is good because DMC was a bad-*** action game. I've heard it's a little easier, but that's no real loss because DMC was insanely difficult, even for me (and I'm a pretty hardcore gamer).
My only real concern with the game is the sexual content, as I don't really care to play hyper-sexual games. The creator himself said a central theme of the game is "sexiness". However, based on what I've seen in ads and trailers, as well as screenshots, it seems to be done in a much more stylish, artistic way, and doesn't seem to be very perverse. Game Informer described it as "overblown in such a comedic fashion that it never reaches the creepy voyeuristic qualities of games like Dead of Alive", which I have to say is an extremely relieving statement. I'm pretty much sold, but it definitely does need to be noted that it has a fair amount of sexual content, even if it's not terribly perverted.
But yeah. Bayonetta: ftw. One of the first games I'm going to get when I get an X-Box 360.