They focused on all the extras and forgot the boxing
Collision detection is broken - you'll get "hit" when your opponent misses and the opposite. Controls, even once you learn them, are unresponsive (big lag time). Graphics are a step behind Fight Night 3, which itself did not seem to take advantage of the next gen console's abilities.
The developers had the right idea - we still need a boxing game that takes advantage of the new consoles' abilities and that delivers a true in the ring experience. Unfortunately, after Prizefighter I can safely say we're still looking for that game. Prizefighter should have spent more time in the gym polishing up it's skills before stepping in the ring...