It's considered the best Naruto game for a reason...
Story: It covers the entire first arc of the Naruto series, the entire story mode is similar to the previous games except with full cinematic cutscenes. Alltough it can get anoying to press the X button after every sentence I still was gripped in the story (it might be because I also watched the anime :P )
Gameplay: The exact same as the previous installments except with a few changes. The ultimate attacks can only be chosen before the fight and each character can only choose one. Some of the ultimates let you control the Summonings for a set amount of time. If you played the previous titles and enjoyed them you'll like this game even more.
Characters: 40+ characters make up the roster. It includes everyone from the Genin9 to the Sound 5 (you even get the 4th Hokage). Most characters are unique and with their own fighting style, altough some characters I feel weren't neeed (Konohamaru...). You can have super modes used when you start the fight in order to play as them for the remainder of the match.
Graphics: It loses most of the cheap Manga-like graphics from NUN1 and 2. THe fights have all the explosions and kunai flying around as you'd expect. The cutscenes (the few that are here) are a joy to look at. They capture the feel of the show nicely.
Sound: They have all the voice acting of the show, even the original Japanese cast. they also almost never have the infamous "believe it" phrase anymore.
Value: I already have had this game for a year now since my cousin gave it to me from a trip to Japan. The game is definetly worth it altough it shows it's age a bit now.