I got this game a few weeks ago, and I'm currently the Intercontinental Champion and on Smackdown. What I find most frustrating so far is that there are small glimmers of hope in-between the terrible crap. The in-ring action is pretty engaging (at least to someone that's not a regular to the series, like me), but the mode so poorly designed that it becomes pointless.
I'll illustrate with an example. I had a pretty epic pair of matches last night, mostly by chance. My character defended his Intercontinental Championship against Chris Jericho on Smackdown and lost in an epic, five-star match. Then, the following week on Smackdown, he got his redemption by beating Jericho in a five-star rematch.
The game made no notice of these events in any way, other than the usual text box from Vickie Guerrero offering a choice of matches. This would seem to be the makings of a big event in my superstar's career, but that game treats it as if it isn't.