The campaign is pretty short. But, like Dante's Inferno there are "Arena" type challenges that are pretty fun. I'm also a big fan of the original, so I really liked it. If you can get it on sale it wouldn't be a terrible buy, but renting might be better. I wouldn't say it has great replay value.
I noticed you had a post about Splatter House. It's on sale for $25 right now on Amazon and I'm thinking about buying it. Would you recomend buying or renting?? I'm a huge fan of the original and I know what to expect from the game itself, but if it's a quick 10hr type game I will most likely end up renting.