Yes the story and characters are as cheesy as they can get. It is smaller than Panau from Just Cause 2, but also better filled with interesting landmarks and a better variety of things to blow up. The world design is just amazingly done and beautiful. Out of ammo? Just pull a helicopter into a gas tank and watch it explode.
Not only the controls feel much better, the new gadgets like the (Bavarium powered) wingsuit and the retracting tethers alone sell it for me. As someone who beat Just Cause 1 and 2 I can say that the third installment is the best game of the series so far.