Well your Fox Hound/Dead Cell type bosses get all of thirty seconds of dialogue each, so that cuts the amount of verbal yammering immensely. There are a LOT less codec/radio convos than in 2, it's very much visually driven cut-scene wise. There are naturally two or three painfully long cutscenes, but most of these are very interesting and contain a lot of action, I think I only got bored of two cut-scenes in this one, as opposed to fifty or so in 2, and that was only cause they were all talking with little to no action.

So yeah, its MGS so it's going to have a lot of story, it just happens to have a lot less than the others whilst still being damn cool and having far better action cut scenes.