I just beat Shenmue III and I can say that it's just about everything I was hoping it would be.
It is absolutely and undeniably a Shenmue game, which essentially means if you liked the previous games you are likely to like this game as well. It updates a lot while keeping the look, feel, sound, and gameplay very authentic. The only major blemish on this game was the story; it wasn't bad, but I really wish that it would have moved the overall plot along a little further and also develop various dynamics between a few of the main characters further. Despite this gripe, it did very little to diminish my enjoyment of Shenmue III and this game was an absolute pleasure from start to finish. This game was absolutely worth the 18-year wait and I really, really hope we get to see the next chapter in the Shenmue Saga, preferably not 20-years from now.