I no like. This ruins the composition of the game on so many levels and should never be the first way you experience it, if you've never played MGS 2 due to not liking the camera angle just never play it and move on with your life.
Its much worse than this due to other issues it causes (some listed above by other posters), but it reminds me of open matte versions of films where you see parts of the costumes you aren't meant to or bare space in an action scene that was never meant to be seen. Its like the open matte version of Red Cliff, ie craptacular.