I have been waiting for a boxing game like this since I started playing video games in 1980... REAL boxing! No stamina bars, power meters, time clock, etc. You are in an environment most similar to that of a real boxer - all you know during the fight is when you get hit and what is going on by what your corner tells you.
You ABSOLUTELY must adjust the controls from the default settings - once you do, you can use the Left Analog to move and then press L1 in conjunction with it to duck, sway, and weave. You use the R1 and R2 buttons in conjunction with square, circle, etc to throw uppercuts and a couple of special punches. Square and Triangle are for straight punches and X and O are for hooks (except with R2, and then they're uppercuts).
There is no way you can come out and just throw punch after punch with no defense and win any fight, even the first ones. This game has a fairly steep learning curve, but once you get it, VB is one of the most rewarding games I've ever played. One side note... this is by far a simulation, however my only gripe is that there are a few fighters in the game who have special punches like something out of Ready to Rumble. Just a few though, so it's not too bad.
The graphics are clean, however nothing spectacular and the sounds are nothing to write home about either.
If you are looking for a boxing simulation, this is the best boxing game ever made, period.