I thoroughly enjoyed The Industrialist. As an album, it pretty much carries on the sound that was presented in Mechanize. If I were to put them side by side complete albums, I would say The Industrialist is superior as it has more decent tracks, where Mechanize had a few forgettable ones.
If I were to criticise the album, I would say it doesn't present anything new as such, but if you like Fear Factory's sound, you will enjoy it. I myself have always liked their sound, so it's certainly enjoyable for me!
Overall, if you like Fear Factory, you will like The Industrialist. I gave it 4 stars as opposed to 5 just because there will be people out there who want them to experiment a bit.