I am a bit torn apart in this game. One the one hand it's an awesome game, which expands the Bioshock universe. On the other hand, I had more fun playing Bioshock 1 and 2.

The story is quite good, although very convoluted.

The game should absolutely be bought together with the story DLC's (Burial at Sea) to get the full experience; without them, the game feels a bit incomplete.
If you like Bioshock, I recommend it as a nice addition to the series. If you don't, I recommend you go and play Bioshock 1 first ;)