It's fun to see some Capcom characters in a brawl, but it's unfortunate to see nothing else new.
There are very few modes, very typical modes at that. Arcade, versus and an online mode that's useless as Xbox Live no longer exists on the original Xbox. Arcade basically does as it's always done and puts you against opponent after opponent untill you're victorious and the credits are rolling. It's really best to play versus with some friends around.
What's more annoying about CFE is it's lack of characters from each game. It has Street Fighter 2, 3 and Alpha along with some Darkstalkers and Red Planet characters that may be pretty fun to play around with, but you only have about 4 from each game to select. This is a bit poor to say this is an 'Evolution' with a bunch of Capcom characters.
However, the fighting does still stick to it's roots, so if you're a player of any of the above, you'll be able to jump straight in and perform a 'Shoryuken' with Ryu or a 'Sonic Boom' with Guile. The controls are very responsive, even if it is a little hard to pull off some attacks with the Xbox's chunky controller.
If you're really desperate for a Capcom fighting game, if only to see some Darkstalkers characters fighting some Street Fighter characters, then by all mean, this may be the game for you. However, if you already own a decent fighter such as Street Fighter Alpha or Darkstalkers: Chronicle, you really have no reason to seek this game out.