While gameplay may be enjoyable it is just to repetitive for its own good.
Now for the bad. While there is a lot of variety in enemies and weapons it will feel like your fighting the same fight over and over again.Also majority of the rooms feel like they take forever. There not really any distinct modes of play other than your common play til you die format. You have unlimited lives which really just leads to reckless abandonment. Co-op mode dosen't really offer that much needed since of dependance upon teammates as needed. It is more of just putting to people in the same battle and playing everyman for himself. Also the presentation is pretty lacking.
Overall Smash TV is just a plain game with a few redeeming qualities. You will have a great time your first few minutes or so but when it really comes down to it you won't be picking it up many more times. It may be a worth while buy but in the long run you may wish you would've have bought another game.