Game really is a cult classic - I think that how you approach it, what you expect from it, will be key to enjoying it. It's flawed but fun, and it's often so over-the-top/bad that it's a blast. She's a witch with a broomstick gun - that should tell you a lot about what to expect. ;)
I've experienced two bugs so far:
1. Hi-def resolution options (1080) are not available in the launcher - Xseed is aware of this bug affecting some players and working to fix it.
2. Alicia's hand is sometimes misaligned with her weapon when shooting - this has been reported to Xseed on the Steam forum.
Also, this version of the game was ported from the Japanese version and is missing some improvements from the international version - see ymhn9999's posts in the bug report thread on Steam.
I'm hoping Xseed allows their patch team to shine the game up - to both fix the bugs and recreate the improvements from the international version.
They seem to have some amazing developers on their team that should be capable of making this this the absolute best version of the game available.