Well, I have the PS2 version of Project: Snowblind and here's my take on it.
First of all, as you know, Project: Snowblind was a spin-off of the Deus Ex franchise and hence, a lot of the look and settings of the game are "borrowed" from it, including the dingy, yet futuristic, war-torn Hong Kong, the cheesy dialogues, etc.
Also, the game borrows heavily from other games, and items/mods/augs such as Reflex Boost is really just souped-up BulletTime and Enhanced Vision is nothing but an NVG/GPS combo.
You play Second Lieutenant Nathan Frost, who's sent in to a Civil War ridden HK in the future, where you get seriously injured and rebuilt as an augmented human. These biomods use the same core logic as the ones in the Deus Ex games.
The game has extremely good visual quality for the PS2, and the "snowblind" effect is just awesome, and makes you forget you're playing on an aging console. Of course, to keep the quality this high, the level sizes are extremely limited and it can be quite frustrating at times between level loads, which are extremely frequent. The story too is quite good and draws inspiration from the Deus Ex franchise. Heck, their doomsday device is the 'deus ex machina' which can go off at any second. The cutscenes and the dialogues are really, really well done and you really get drawn into them. Plus, the game also has background talk and chatter like the original and as in Half-Life where you can listen in on people talking casually about a lot of things, which adds to the reality feel of the game.
Weapons and tools are really good too and you have an amazing amount of grenades at your disposal, not to mention the uber-cool EMP rifle that shocks everyone near the person who you shoot, or the "icepick" that a futuristic hacking tool that allows you to take control of nearly every computer in the game and make your life a lot easier, once again, like Deus Ex. Of course, once again, like Deus Ex, you can opt between stealth, firepower or a combination of both to make your gameplay easier. Just occasionally, you get to use vehicles, like a huge bot or an armored car, although I would have welcomed more such opportunities in the game.
The other letdown is the AI. Your teammates follow scripted sequences and somtimes act totally asinine running straight into enemy fire at times, and conversely, the enemy AI will continue blasting away at you while your teammates swarm around them, They also have zero tactics and they rarely dive for or use cover in the face of your fire.
One more thing, the controls are a bit tacky on the PS2, dont know about the XBox, but it sometimes means life or death, especially when the sluggish controls prevent you from turning around and firing at an enemy or selecting a biomod in the heat of battle.
All in all, the game feels like a combination of the tactics of Deus Ex, the warfare of Call of Duty and the feel of Half-Life in one package. All in all, a good, enjoyable FPS experience.