It's about as fun as you want it to be.
Looking at the roster of superstars, I know a few current wrestlers, only because they've been around forever and would be a classic wrestler if they would just throw in the towel. The classic roster is amazing and are mainly the characters that I have been using in the majority of my fights.
The matches are pretty much what you would expect from a wrestling game, with the exception being that the moves and physics can be unrealistic. But let's face it, it's wrestling, who cares. The learning curve for the game is surprising because it looks like a button masher. It's not, and reversals are really easy if you plan on button mashing.
Some of the finishers are tough to pull off because you need to know what you have to do before you hit the finisher combo, for example, having the opponent laying on the ground first or grappling your opponent from behind before you can successfully pull off your finisher.
The unlocks in the game are modest, being able to unlock about 8 more wrestlers, as well as alternative costumes and arenas. Some people love to put the work in to unlock characters and such, while others don't. It's rare that games still put a master cheat in the game to unlock everything. This game does, so if you want to rent the game, you can always use the code to get the full experience.
Overall, the game is fun, but you have to have a special place for old school wrestling. If you were never into wrestling, the game is clearly not for you. It is a very limited game, so I was surprised at the full $60.00 cost. It felt more like a $40 - $50 game at most.