Man, R2R was one of the great Dreamcast launch games back in the day. The animation and graphics were pretty damn impressive, and one of the few cartoony boxing games that nearly got the Punch-out formula right.
My one pet peeve with this new version is its apparent over-reliance of celebrities. Yeah, the first two games featured celebrities, but the fun lied in the over the top, exaggerated and HIGHLY stereotypical characters. This new version seems to opt for an all out celebrity bash rather than to strike a balance.
The new art style doesn't look that hot either.
Its too early to call it shovelware, though. I'll wait till new info arises.