I found this very entertaining to read. It is written aesthetically, (and this is maintained in the translation, not that I have read the original German), and is an engrossing story. I'm sure that there are many allusions and philosophical parables to be found in close study of the text, but I just found it an enjoyable read without having to take it too seriously. Mephistopheles is a brilliant comic character, but there are also subtle insights into the depth of his evil as well. The minimalism of the characters other than Mephistopheles and Faust is stylish and makes the story all the more memorable in retrospect. Reading this makes me feel that all stories should be written in verse, if only the authors were skillful enough. Even though I have only studied Shakespeare at the usual school level, I can see what might be Shakespearian influences or things that remind me of Shakespeare; perhaps this was in places done on purpose by Goethe as a tribute to Shakespeare.
As far as I can tell, the translator has done a miraculous job. One of my favourite lines in the play is:
"But write it all down, concentrating
As if it were the Holy Ghost dictating!"