Mr. N64's Breakdown of Shenmue's Game Elements:

 
Graphics: 5/5  
Easily the most intricate, detailed and lifelike game environment to date. Period.
 
Music: 5/5  
The soundtrack for this game could easily have been made for a movie. The main theme will stick in you head almost instantly. Probably one of the most memorable themes since the classic Zelda theme hit the scene. The only downer is that the fidelity of the audio laves a little to be desired. It sounds is a little scratchy and compressed and it's not quite CD quality.
 
Sound FX: 5/5  
OK, so some of the dialog is laughably strange and awkward. Those bits just make me laugh, which only adds to the fun of the experience. The main characters are voiced very well, however, and Shenmue has more speech than any game that I can remember. The environmental sounds are top notch, but they don't use any form of surround sound. As with the music, the sound effects can be a little scratchy at times. Again, not CD quality but still extremely good.
 
Play Control: 8/10  
Ryo moves in a rather clunky manner. Using the d-pad to walk results in many wall-bumping incidents. After a while it all becomes second nature though and it stops being a problem at all. 

The fighting controls are rather sluggish when in actual combat, and fighting six or more opponents at once with sluggish control can lead to some minor frustration.

During a race, the fork lift's controls can also be a little frustrating, as the other opponents' forklifts seem to be more maneuverable than Ryo's.

 
Frustration Factor: 2/10 (10 being the worst)  
Killing time isn't fun in real life or in the virtual world. There are parts of the game where Ryo must wait out the clock until the next big event, and since everyone Ryo talks to says the same thing over and over until the next big event has passed, things can get tedious. 

This game also requires a hefty time commitment. Not as hefty a commitment as Zelda: Majora's Mask, but this still isn't a game that you can pick up for only fifteen minutes or so.

Finally, I have the sneaking suspicion that despite my careful playing I have missed some significant parts of the game without any clue that I was missing them. While I am nearing the end of the final disk, there are blank pages in the middle of Ryo's notebook and there are still many movies that are unavailable in the theater on the Passport disk. If this is still the case at the end of the game, it is a rather frustrating result, since I have no idea how to play the game in a way that will reveal this missing content. 

Update 12/20/00: I have now finished the game and I can tell you that all but two of the movies have opened up on the passport disk. I have no idea what these two movies are for or how to open them up, but that's how things ended up.

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