Straight to the point:
If you are a fan of the UFC, I would recommend that you buy this game. The fighters look like their real counterparts, they have the same techniques and the same pros and cons. If you are familiar with guys like Bas Rutten, Frank Shamrock and so forth, you will no doubt enjoy seeing them in action here.
One problem is that the matches are too short. Once someone gets a lock in on you, your character will submit instantly unless you roll out of the lock immediately. There is no time to feel out if the lock is good or strong enough. You start afresh in evey new match, but it would be better if the fighters carried with them the injuries they suffered in their previous match.
Everything between the matches is utter c**p. Once you have seen one ring entry, you have seen them all. And the ring announcer is also pretty boring after a while.
The sound of the game is very very simple, with some repeated screaming from the fighters and the audience. The graphics is good and the characters look life-like.
I would recommend this to any UFC fan, but if you are not into UFC and Pride and such, I would hope you steer away from this game and wait for Pride which will be released early next year. Or in that case you are probably better off with Tekken4 and Soul Calibur 2 (when it arrives next year)!