If you loved the original, you will love this
While it was somewhat fun, nothing new has been added to this HD port apart from the Multiplayer and still found that it lacked the fun and creativity that the second game offered. If you are new to the series, I would probably hold off this purchase as you may find it hard to adapt to the outdated gameplay and confusing level design of this old-school classic. If you are fan of the first Earthworm Jim, the obvious answer is to get this game if you haven't already.
The graphics look really great, and did a great job porting this game in HD. They did a good job recreating the atmosphere and charm of each level, while still keeping true to the original. Fans of the series will be amazed at how good-looking this game is, and should fail to disappoint. The controls are a bit iffy in parts. Sometimes, the 360 controller feels natural, other times you wish the 360 had a better D-Pad. While not a big issue, it does make the game slightly more frustrating. Another thing to note, is that the more hardcore fans may be disappointed with the difficulty setting, the original difficulty from the first one being the highest it will offer.
In short, it is a decent port and glad to have Earthworm Jim back on the consoles. I hope to see an appearance from Earthworm Jim 2 as well.