The only thing stopping God of War from being the game of the year so far is the perfection that is Resident Evil 4. The combo-heavy gameplay moves far beyond the hack and slash tedium of most action titles, the magic is varied without being needlessly complex, and your abilities improve based on your skill. The puzzles are excellent; even the typically cliched crate puzzles are different enough to be interesting.
Now, on to the content. Yes, God of War features blood, gore, dismemberment, nudity, sex, and the slaughter of innocent bystanders. However, none of this is extreme or gratuitous; it all serves to explain Kratos' character. He is an animalistic hedonist, gone almost insane from the stress of battle, the pain of loss, and the desire for Aries' downfall. While they may not be able to understand the subtleties of Kratos' personality, most teens should be able to handle this game.
Overall, God of War is a beautifully violent story told perfectly, and filled with some of the best gameplay I've seen in a long time. It will likely be the PS2's best game of 2005.