I finally beat Ascension today. IMHO it is a really really good game. Probably my favorite GOW game. I need to replay GOW3 as I only played it once but this game was so much fun. I feel like it is the bet combat system of the GOW games. Switching between element type for the blades of chaos is much better than having different weapons to switch to. The BoC are awesome and this gives different strategies to using it. I never enjoyed the alternate weapons all that much in the other GOW games. I also really like the special moves gained through the few story items you are given. Using the Oath Stone of Orthos along with Amulet of Uroborus can be very helpful in combat. It's also a lengthy game. I didn't look at time played but it was easily over 10 hours probably approaching 12.
Haven't played multiplayer yet but a buddy of mine really enjoys it and the only MP he's ever liked were Resistance 1/2 and COD games. He never really buys games, uses me as a Blockbuster but he liked it so much he is going to buy it just for the multiplayer. I will check it out and post impressions. Overall, for me it's a must play game for PS3 owners.