First of all, is it as good as it's predessesors IMO? No. There are several little, and I stress the LITTLE, things that I don't like which have been previously stated like loading screens, lack of rope arrows, getting stuck in the environment, loot glint, novelty, etc. It did seem to be have lost something from the originals. However, I don't think that they retract enough from the gameplay to make it unenjoyable.
The story continues with Garret, still voiced by Stephen Russell, as he continues to steal from the rich... and give to himself. He may be the protagonist, but he's also an anti-hero. He is a thief after all. Despite his intriguing personality and selfish attitutde, he always ends up being involved in a world-saving plot, and thus shows us that even taffers can be life-savers.
This game seems to gravitate a little more back to TDP in that it goes back to it's fantasy roots as opposed the the metal age shown in TMA. It pulls it off quite well, while keeping it's dark steampunk environment.
Most of the same factions make an appearance again: The pagans, the hammerites, and the keepers. This time they seem to go into more detail with these factions, and you will see all of them throughout the game. They have added a faction meter, which some people dislike. It didn't hinder gameplay for me personally. I also greatly enjoyed pitting them against each other. Sometimes I created small-scale battles!
The plot, climax, and over-all story was very well done. The new antagonist was highly entertaining, and all of the secondary characters fit the story well. Every mission seems to contribute to the main storyline in even if in a small way.
Although the load scenes do get annoying, I greatly appreciated the addition of the street areas (quarters) where you can do side-quests and enjoy pickpocketing the citizens, guards, and other factions between missions. I hope that they continue to implement and improve this idea in Thief 4.
Most importantly, the ambient environment is back. They did a great job on the music, and I still had many hold-your-breath moments as I traversed the different levels. Shalebridge Cradle=(shudder). Playing at the hardest difficulty is where the game shines the most. Not harming the innocent, finding as much obvious and hidden loot as possible, and not being seen at all is the most rewarding.
All in all, I thought it was a great game. Many Thief fans don't give it the credit it deserves. I give it 4/5 stars due to the afore-mentioned hiccups that it suffers from, but it didn't by any means ruin the gameplay for me. Definately my favorite stealth game series ever.