It's ok...
The Bad: There is so much bad I can't possibly put it all down.
WWE Raw is a good game when you first start to play it, but It doesn't offer you enough types of matches. There should be steel cage matches, submission matches, etc.
Also, there isn't much to do as there is no storyline. Although it is fun playing with your friends, as they are a little bit harder to beat than the A.I.
The graphics aren't the greatest, but they probably would of been ok back in the day. The 'Create a Superstar' isn't very good, as there are only a few options to choose from, like just 3 different tones of skin colour!
So if your looking for a wrestling game, I think you should choose from one of the newer WWE games made by THQ, like WWE Smack Down! VS Raw 2007 and WWE Smack Down! VS Raw 2008 will be coming out soon.