Yep, it's Bioshock in a new city. After an hour or two of playing last night, I like it. I like the brightness of the new city and not being in some dungeon/sewer system/dark caves/etc. like many shooters. The city and story appear top notch so far.
At the core though, the game isn't much different so far. I only have the first 2 "powers" so far, so not real sure what they have up their sleeve there. And, so far, there hasn't been a hack option on the vending machines.