I consider myself to be completely shallow for saying this, but I like my video games female protagonists to be cool and sexy. Bayonetta's looks pretty cool but I don't find her attractive at all. Simply because of that, even if the game ends up being very good, I may not get it. I guess it's the same reason I find myself not liking the new female-friendly and politically correct Lara Croft.
::Sigh:: It's hard being a gamer and a boob man.