Just finished it the 1st time. The ending was fairly predictable and just slightly disappointing while the plot was almost a given. However, having said that - I will still say it's one of the best recent games that I've played, if not the best in the last few years (I've been disliking pretty much all of the new games for the last few years). I absolutely loved the gameplay and the huge amount of avenues you get to choose to do your objective. I've enjoyed being stealthy and not killing pretty much anyone quite a bit, but I've got a feeling that murdering everyone who gets in my way and just causing chaos is going to be just as fun.
I would highly recommend this to anyone who enjoys playing for playing sake - the story is not really good and you won't find something completely new and unexpected here, but the sandbox type of gameplay along with a bunch of really interesting and fun abilities made this a very satisfying game with a fair amount of replay value. I'd say 8.5/10 for Dishonored.