This isn't as good as I'd hoped, but not as bad as I first thought. Let's start with the good things. The wrestler models are very nice. In S v Raw the characters are often over-muscly but Impact gets this right, also the wrestler likenesses are great too. Also the game is presented fairly well.
The collision detection is good and reversing mid-move is good, if a bit too frequent. the AI is difficult to beat even on the easier levels, which may put off players until they get to grips with the overly complicated controls.
However despite the few good points this game is so basic it's almost a joke. The biggest mistake is making TNA into an arcade wrestling game, especially when the TNA shows itself are more about the actual wrestling then the WWE shows.
Even Smackdown, which looks like a hardcore sim next to this, is essentially a middle of the road game between arcade and simulation.
The lack of moves is the main disappointment. Your character will usually only have about 5 grapple moves and 3 or 4 strike moves, which doesn't do justice to even someone like Abyss, let alone Christian Cage or Kurt Angle.
With the technology at their disposal, Midway could have done so much more. Entrances are truncated, the matches are nothing like real life, there are next to no moves available, the controls are much to difficult to remember let alone master. Let's hope they improve it for the next installment.