Okay, I guess I'll be the sad bastard who admits to trying this one out.
Setting aside the more pubescent side of the game, it's fun -- for a while. The gameplay is just HCTP with the buttons switched around, so the basic wrestling is solid, and the graphics are, of course, top-notch. Some reviews I've seen say that countering is harder, but you couldn't prove it by me. The movesets pretty much abandon realism in favor of wacky, flashy stuff -- triple 619s, corkscrew reverse uranages off the top turnbuckle, anatomically impossible submission holds, and what have you.
Speaking of which: unlike HCTP, you can actually get submissions without breaking your thumb, which is a plus. Unfortunately, that makes the game a little too easy -- you can win just about any match, even against the end-of-story-mode boss, by just picking a body part and slapping one submission after another on it until your opponent taps.
Problems? The roster's small (only 22 wrestlers), there's no CAW, and although each wrestler has her own story mode, they're short, completely linear, and, from what I've seen, tend to be very similar in "plot." And there are only two types of match available in exhibition mode. So it gets repetitive fast. There's a lot to unlock, but none of it expands the game enough to make it worth grinding through match after match to get.
I'd say it's worth renting for a laugh but definitely not worth spending 40 beans on.
Figured I'd try and beat KJames199 to the punch on this one. The inevitable announcement is here. To compete with Xbox Live Arcade and the PS Network, the Wii will now offer original downloadable titles to complement the Virtual Console. IGN: