Let's start with the problems, as they're always the most fun to write and read about:
The main issue outside of the ring (other than the constant loading that seems to occur every time you do anything at all) is that the game's season mode doesn't make a lot of sense at all. One minute you'll be receiving an angry voicemail from MVP or Mr. Kennedy, and the very next cutscene will see you shaking hands with…MVP and Mr. Kennedy! Bizarre.
As you play on, the effect of this lessens as your fatigue levels drop more slowly with experience. However, it's still senseless.