It's actually a pretty decent game. I got it NEW only 2 months after it was released for $29.99 CDN !! (I love you Superstore) and I don't regret it one bit. The story mode allows you only to put through a wrestler that you created, not an existing Superstar, but the CAW mode is extremely deep, so it's fine. And the story itself is a rags to riches one - with some twists, and it's solid. The moveset is just brilliant; I really liked the depth. And the graphics are nothing to laugh at. The roster lineup isn't that great, but it holds up.
The gameplay itself IMO is way better than SvR. It revolves around a light/heavy grapple system (heavy grapple if you hold A button more). Reversals are intuitive. One annoyance is the button mashing when you're down or trying to get out of a submission. That's quite annoying, but they've changed that for submissions in the new one, so we'll see.
Also, some specials are nearly impossible to pull off during actual gameplay. For example, if you want to do the 619, you have to keep the opponent right next to the ropes for at least 5 seconds (very hard), then do a springboard special, which in itself is pretty damn hard to do - it involves moving the control stick back to the centre of the ring and pressing A&B while performing the springboard. Luckily that only affects some moves. But to counter this, you can actually go into Rey Mysterio's profile and change his moveset to satisfy you if you want, but you can't change his stats obviously.
All technicalities aside, the game is fun. You'll outgrow the AI not too fast but after a while, then you go on to multiplayer. If you have friends that are on the same skill level as you, and they use their own wrestlers with their moves and stats, it's a blast, and it's balanced too. Whether you're playing 4-player HIAC, or 2-player Ironman, it's fun. No wins out of nowhere etc. So, yea, if you can get it for a good bargain and have friends who are willing to play, go for it.