To some degree, yes, it essentially borrows from God of War and DMC heavily (I'd say more Devil May Cry than God of War), but the art assets, the writing and new gameplay elements make it more than enough to be worth checking out. If your biggest problem with GoW is that Kratos is an unsympathetic dildo then you'll probably like Lords of Shadow. The bosses are also somewhat more challenging, and I've actually had to replay a number of them because some strategies just don't work for most bosses. Some of the puzzle elements could stand to have been improved (the "puzzle unlocked" announcement doesn't really help with immersion), and I would have preferred a Bayonetta or Darksiders style camera system, but overall it's an excellent 3d entry for the Castlevania series.
If you're worried about continuity/plot/etc., it's a complete reboot. They manage to make a few references to other Castlevania games, but the story is entirely self-contained, so no foreknowledge is really required. Overall though, I'd say it's well worth getting, and the gameplay will easily take 15-20 hours at least if you don't go back for the extras.