Red Steel is a good game. It's definitely worth renting. You could certainly finish it in a couple of weekends.
It has a lot of flaws though. It's a bit glitchy and tends to freeze occasionally. And the pointer is quite difficult to control unless you turn the remote speaker off (don't know why that helps, but it does.)
The multiplayer is good, but stops being interesting quite quickly.
Overall, lots of promise, but not as great as it could be. If Red Steel 2 irons out the problems in Red Steel, it will be awesome.
My best recommendation would probably be to buy it, play it through as quickly as possible, and then put it on ebay or trade it in for another game.