Plus, Fire Pro Wrestling is cheap ($15-$20), has a great create-a-wrestler mode (or create-a-fighter, I guess), and is the best wrestling game on the PS2 to boot. Every person with a PS2 and even a passing interest in wrestling or MMA should own this game. No excuses.
I used to have UFC Sudden Impact on the PS2. It was cheap, dated, pretty easy, and played just like the UFC game for the Dreamcast if that means anything to you. I made a pro-wrestler in the create-a-fighter mode, and made people tap to the figure-four. Fun enough for cheap, but I eventually traded it off.
SMG2 is as clever and fun as the first one. The primary tangible change is to the 2-player mode, as the second person can now have a real affect on the game beyond collecting starbits. They can now spin attack (and often kill)