The multiplayer experience can be superb, if you find a player that is willing to fight reasonably clean and not exploit the flaws in the game -- for those that do use the game's shortcomings to their advantage such as the lack of countouts and DQ's and certain inescapable repetitive combos, it will definitely kill the online experience.
The character models are the best I've see in any next-gen game and they move with realistic fluidity -- even facial expressions are superbly done.
Ring outfits are highly detailed and appropriate for characters' gimmicks.
The ladies display enough personality with their onscreen dialogue and actions to make you care who wins and who loses in single player mode. It does help to have played the original RR to get the backstory on the characters and their relationships with each other. Some of the characters are given hilarious personas such as Great Khan and I always enjoy the slew of side comments such as "NOT 'Aigle', you slave!" and "Great Khan will rule whole world -- no need friends!".
The game's biggest deficit is the weak AI in single player. The problem is it's easy to beat AI opponents using very basic moves and this can give some the immpression that the moveset is limited and boring. However, it you take the time to master the different button and analog stick cominatiosn, you will discover a great depth in the variety of maneuvers and combos available and you can put on some exciting matches that could rival the best the WWE has to offer.
The achievment system seems a bit too hard. You only get 10 lousy points for taking your character to a world championship and NO achievements for winning the tag belts with any combination of characters. To buy all the items for each wrestler can take many hours because each item costs way too much and you only get 20 points per wrestler for all your effort.
The multiplayer ranking system is good and it's best not to pair with players more than one or two levels above you or you are likely to get squashed.
With an evenly matched opponent or a slightly higher ranked one, the matches can give a real adrenaline rush with the number of reversals and near-falls you can pull off. If you've practiced, you can surprise your opponents wikth some ultra flashy moves and combos.
This game can still be found in bargain bins for under $20 and it is well worth the purchase if you haven't already checked it out.