Bioshock is the complete package. It is one of those great games that come only a few times each generation.
Graphics - I loved them. From a technical standpoint they are solid, but artistically they are in a league of their own. Unlike many HD games this generation Bioshock is full of color and style. I would often take minutes here and there to just admire the scenery.
Sound - Again, it was amazing and incredibly atmospheric. I especially liked the moans of the big daddy and the innocent yet somewhat evil chatter from the little sister.
Gameplay - The gunplay is not quite as tight as something like Call of Duty 4 or Halo 3 but it fits in with the rpg-ish elements of the game. It is a strategic game in that you plan and make calculated moves and use various plasmids to accomplish what you want to do. There are a lot of ways you can play this game. Almost everyone I've talked to approached combat in a different way then I did.
Replay - Some more bonuses or unlocked modes would be nice, but quite honestly this is the kind of game that you naturally want to replay and replay. Part of the reason is the variety in the way you can build your character and the various ways you can approach combat.
Bottom-line, everyone should give this game a try. It is a great game!