Let's get the cons out of the way first:
1) The story mode is STUPID!
2) The voice acting is HORRIBLE!
Now, here's why those things don't matter...
This game is fun! Beautiful women aside, the gameplay is a lot of fun. I enjoyed the fighting, and fans of the Smackdown series will find it very comfortable.
Graphically, this comes close to, and in some ways surpasses, Dead or Alive Ultimate on Xbox. I am brand new to PS2 (just broke down and bought one three days ago!) but I was really impressed, and as an Xbox owner for two years, I think that says something.
As to the women...this is a niche game. If you like your video game characters jiggly and slutty, then buy this game. If you don't care one way or the other, give it a try. If the thought of polygonal babes wrestling in mud offends you, or you want a good story mode, than move on.