It's disappointing if you don't know the story. Good movies/games are self contained and can still intertwine stories and plotlines, after playing this for an hour I am surprised that I actually think less of the franchise now. Nothing makes sense, and the opening live action skit made me think I was watching an ad, I still can't tell you why it was there.
For a lot of people this is their first MGS, it's my 2nd, but I barely remember the first Metal Gear Solid. It's pretty, and will play it more tomorrow when I'm less annoyed and leave more feedback. I am sure I'll have a better view of it once I am more comfortable with the controls and things fall into piece a little more.