Multiplayer is where it's at, and this is one that Dial-up gamers can enjoy as well!
The online community is good, however since newer games have come out, the amount of players online has fallen. Cheating is a minor issue as in the previous games but for the majority of the time you will find the servers are cheat free. If the occasional cheater does bother you, simply head to the Public games where the host is usually active and able to boot cheaters.
The graphics aren't amazing, but seeing as you can play fairly on dial-up it shouldn't bother you. I can finish in the top 5 of most games on dial-up which means I'm on par with those with better connections and you can be too. For $20 or less there is no reason you can't enjoy the experience with me. An added bonus is to pick up the 'three-pack' if you can find it which includes the first two games in the series as well for the same price.