Although Bayonetta has more than a few similarities to Devil May Cry, I believe that this game is worth playing... but it's hard to recommend the PS3 version when the 360 version is so much better. Even when you consider the fantastic combat system, the slowdown and load times really do spoil the fun.
With that said, Bayonetta is still stylish, entertaining and unique. If you have no other choice but to purchase the PS3 version, you'll still get a kick out of it. Just be ready to be exorbitantly patient.