Just got it, and played through about a third of the campaign and I'm very impressed. My only caution is that you will not have fun playing this game if you do not like multitasking. Otherwise, it's AMAZING.
The air segments have three main components:
-attacking enemies that fly around the full three dimensional region of the game field
-dodging enemy attacks and stage hazards
-story based dialog between the characters
These air sections are not by any means a clone of starfox gameplay; the core concept is used, but it is taken many steps further.
They are definitely fun, and are largely based on your speed and reaction times.
The ground segments are much more varied, and in my opinion, the most fun part of the game. It is by no means a hack and slash mode, as every area is setup to test the player's strategy and skill. Combat works like a simplified 3D version of smash bros stamina mode: you can dodge to avoid attacks and attack with a variety of unique ranged or melee attacks. There are also special powers that have a limited number of uses, such as one that throws a fire blast, one that heals you, one the lets you jump high in the air, etc. There are also items on the stages that either give you buffs for a duration or can be used directly in combat. There are also vehicles, each of which move and attack different, as well as having a special power. There are numerous paths to take to get to the end, and secrets and treasure scattered along the way. Finally, there are boss fights, which are always big and flashy.
Now why the warning about multitasking? Well I am a pretty seasoned gamer, having good reaction times and strategy, and when I first played the game on the normal difficulty setting (2.0 on a 0-9 scale), I was being challenged, and died on the first level. Ground combat was especially tough at first, as you have to manage 3D movement, aiming, and firing all at once, while trying to strategically dodge attacks and find a weakspot. However, after a playing just three or four levels, I got used to it, and am now feeling very comfortable with gameplay. Once you get the hang of it, you keep getting better every time you play, and it is so much fun.
Also, I've seen a lot of reviews complain about the controls, specifically, the grip. Since you are using the stylus with your right hand, you have to find a new way to keep the 3DS still. This took me all of 30 seconds to figure out: you can put your stylus hand's pinky under the DS and use it and the palm of the stylus hand to keep a steady but relaxed grip on the system, comfortable for hours.
The best part is the selection of hundreds of weapons and powers, each of which can have different ranks. Switching weapons will slightly change your playstyle in the air, and completely change your playstyle on the ground.
Overall it's a genius game, you guys should definitely play it if you get the chance