For a game that was a budget multiplayer title until late into its development, this is better than it has any right to be. Once you get past the initial disappointment of the small cast (Only 3 characters split into chapters) you'll find this is the best in the series gameplay wise. It still has the frantic and fast pace of Black just with slightly revamped controls. The special moves are no longer combos and just single presses on the dpad ( Up for freeze attack, right for shield, etc.). Which is a change I don't mind since the AI is as unrelenting as ever and can still kill you in a matter of a minute. Easy to get off in a pinch.
Maps are a decent size with lots of routes/hidden paths and even some with verticality. They give you enough room to get away to catch your breath but also not be too far from the action. Theres some new events which are a welcome addition for the most part, the electric cage and juggernaut events in particular. Worrying about your timer/making it to the safe zone and more enemies spawning just add more fuel to the already chaotic deathmatches. Makes you think about your approach a little more.
The races on the other hand... are kinda fine until the last one. Just a really bad job of directing the player and the physics make it so easy to get off course. That and the last 2 bosses were my biggest gripes. I get they were going for spectacle but they just drag them out for too long and end up tedious.
If your new to the series or just haven't played it I recommend It. It may not be the swan song fans or the creators wanted it to be but whats there is still worth giving a look.