I don't want to have that in the house, because even if I am the only one playing it, my kids would see it. That's probably for the best, as I don't really play video games now and I can't really spare the time. The XBox 360 is a gift for the kids, not a time suck for Dad.
I watched them playing it yesterday and it looked like they were killing aliens, not people, but you're right, it did splattter. I asked about the "blood" aspect and evidently, from what these kids told me you could "turn off" the extreme content which includes the blood graphics and the swearing. Don't know if that's right, or if they were just telling a mom what she wanted to hear.
Yes, Gears of War is extremely violent and full of profanity. Honestly, I don't think it's THAT good of a game. It's way overrated. Basically, it's a regular shooter with very realistic blood, gore, and the F-word.