Not as good as Fight Night 3
In Fight night 3 you needed to doge/block then hit when you could otherwise you would just get counter punched to death.. Sadly you can just get away hitting the buttons in this to win most fights.
The movement does not appear to be as fluid and the figths are just not as much fun, I cant put my finger on it. The fact this game was released with minimum control settings was a joke, at least this was fixed with some DLC
Graphics do look a bit better, and the Single player story type mode is a lot better but thats it really.
The new Fight Night Champion appears to be a good mix of both games. So i would skip this one and go for the latest one, or if you looknig for a budget game go for Fight Night 3.