It is one of the most gorgeous titles available on XBLA. The 3D character animations are fantastic, and the environments look great. The presentation is consistently solid, with an in-game 'database' that keeps track of all you learn and see. It is full of detailed information on items, bosses, weapons, locations, and the game's plot. The game's score is surprisingly brilliant for an XBLA title, blending the old school 8-bit classic music with pounding dance beats.
Some will see the lack of Live support a major sticking point, but you will not miss it. The three different four-player versus modes are not compelling enough to hold your interest long, and would not get any better playing them with strangers over Live. Co-op would be nice, but the game is hard enough for one player to make it through alone. With so much of the game based on tricky platforming, a second player is not exactly going to make it easier.
Xbox 360 typically lacks good platformers, but Bionic Commando Rearmed is a great one. Though it only takes several hours to beat, you will keep coming back to find more secrets and best your times in the challenge rooms. This is one of the best remakes ever made for a current generation console, check it out as soon as humanly possible.