Depends who you ask. I really like it. I see it as the culmination of what Remedy was building up to with their other releases. It's their "Avengers" moment, finally bringing everything and everyone together. It is a masterpiece.
A buddy of mine, objectively a bigger gamer and fan of Remedy was disappointed that a game called ALAN WAKE contained very little Alan Wake. He was upset the DLC wasn't Alan Wake focused as well. And fair. The game is called ALAN WAKE 2, but again, it feels more like a team up than a solo adventure. Like Captain America: CIVIL WAR. Sure it has Captain America in it, but it isn't strictly about Cap.
Definitely worth playing either way.