It is such a fun game! It really does remind me of the oldschool wrestling games. They do a great job with making the wrestlers feel unique and exactly like they act on TV (Orange Cassidy, for example, can fight a whole match worth his hands in his pockets). There are a bunch of fun Easter eggs that I won't spoil for you.
It is noticeable, though, that they didn't have the resources to devote to the create a character feature. However, this is something that would naturally be updated as time goes by.
Tag team matches are a bit fiddly because you can't tell your partner to come tag (as far as I know), and sometimes you'll go to tag him but he'll come into the ring instead. But the game doesn't take itself too seriously, so these are minor issues.
All of the mini games are a blast except for one (in my opinion) and they just add a bit of a distraction that spices things up. If you don't like them, you don't need to play them, there is no forcing the player one way or the other.
I used to love this game even though I was terrible at it.
It would be perfect now, though, to emulate the arcade version and enjoy without going through a million quarters.