Yep, pretty dead on. Blood Money was an absolute masterpiece. This game, not so much. There are a couple of fun levels that are reminiscent of Blood Money, but for the most part it's mediocre. I would recommend picking it up on sale.
Oh, and the story feels like it was written by Bevis and Butthead. It wasn't even over the top funny or clever. It was just stupid and often crude for the sake of being crude.
I also couldn't get the image of Keith Carradine out of my head when the villain talked, and they really don't match up. I guess he needed the money, because Carradine has done some good acting in his day but his dialogue in Hitman was pants on head stupid. No decent actor in their right mind would look at the script and think "oh, this is a chance to really challenge my acting skills." Nope, more like "well, it pays enough, ok, I'll do it. Luckily enough most of the people I know don't play video games."