Playing the more recent versions before this one has spoiled my experience.
While some aspects of this terrific game have stood the test of time there are some things that have not. Most modern gamers are likely too spoiled to enjoy this game for the following reasons; the character roster is rather small in comparison to most other fighting games. The story is really lacking as well. Each time you beat the game with a character you are rewarded with a short cut-scene and possibly a new costume for your chosen fighter. Overall the unlockable content is not quite what I expected from a dead or alive game.
I would recommend this game to fighting fans and especially those of the series but I would say that it isn't a necessity if you've played one of the more recent games in the franchise.