It seems fine from what I've seen so far. No major bugs or framerate problems or anything like that. It supposedly has some "HD" up-resing, but I can't see any, it looks just like the XBox, and that's not entirely bad. (actually the only difference I notice is that the menus seem to have been redone and they use a horrible janky-looking font; I don't think that we had such terrible looking text on the XBox). (maybe the content is up-res'ed and I just can't tell because the screen resolution is also higher?)
Anyhoo, I'm pleased to say it holds up decently still. Some of the realtime art is fantastic, for such an old game it still looks really good, mainly due to all the use of "decorators". The first 30 minutes of play are pretty terrible, but it gets better.
Every time Stranger jumps and does the Al Pacino hoo-ah I bust out laughing. WTF were we thinking? And lots of his monologues and his vocal pacing is just super bizarre. That's a good thing, bizarre is good.
In unrelated news, I tried Rage on PS3 ; holy texture popping batman! I do like the art style; the lighting is like super blown out, really flat looking; it looks cool, it reminds me of Anime. Actually the best thing about Rage is the menus; the menus are superb, really fast, responsive, circular, simple, no loading or unnecessary animation or whatever; every game developer should copy the Rage menus.