Like most Microsoft games, this is a solid game.
You'll definitely enjoy it most if you're a fan of this genre but the game offers plenty of variety in its field of gameplay. There are plenty of different ships, planets and areas to explore. There are plenty of secrets on top of that. You may get quickly bored of blowing up ships, especially when you finally grab the top ship, however, interesting add-ons like factions and freelancer missions make the game have even more variety and offer alot of what it can for its field.
The multiplayer mode for this is also, "solid." It has an identical interface to single player except there are no missions, however this is overcome often by things such as mods. People add different ships, space, areas, interface, etc and can make the game far more interesting for old Freelancer players.
This game has excellent replay value if you're a fan of space games though it can get boring if you reach the top too quickly. Though if you're a mod fan you may find yourself pulling this out of your cd stack every now and then to give your favourite freelancer server another visit.