I played through it last year to see if it was as bad as I heard it was, and to say the least... yeah, it kinda does suck.
While it is impressive that they managed to replicate a decent amount of AC1's gameplay on the PSP, the game itself just isn't very fun. The parkour isn't as fluid as the other games, the combat is boring, and the story is decent at best. In fact, I'd say the story is the best thing about the game (Though that isn't saying much), so if you wanna know its events, just read The Secret Crusade.
Now Playing - Dust: An Elysian Tail (360), Soulcalibur (360), Soulcalibur V (360), Call of Duty: Black Ops (360)
The purpose of AC Bloodlines was to capture the essence of AC gameplay and fill in holes in the AC storyline on a dedicated handheld console. It successfully accomplished this, but the game was too easy and rather short. It was the first AC game I played, being a newcomer I liked it, but the general consensus of the opinions of AC veterans was that it sucked horribly.