Short term enjoyment
The graphics are probably as good as a wrestling game is going to get on a 2nd gen console. The sounds are frankly crap, due to a total lack of voice commands which makes the game feel "quiet" and un atmospheric.
Controls are solid and you wont be lost at what buttons to press.
The biggest improvements come to the gameplay itself. Its reasonably slow and methodical with life like realism when your character gets hit by a powerful move - staying down for some time with momentum on the side of your opponent. Regardless of what people say about the story - its rubbish. You go from one scene to the next watching stupid dialogue progress a miserable plot line regarding the belts theft. zzzzzz
Lastability - depends if you want to re-enact matches or do something else fanatical. The create a wrestler is the usual smackdown rubbish. Way too many body options and no matter how good you think your CAW is - its still crap. Bring back the days when you select a template body and face and mix and match gear.
If its in your bargain bin - get it for multiplayer and cheap thrills