Short review...

Good:

1.) It's Punch-Out.
2.) The PC police didn't neuter any of the (non)stereotypes.
3.) Great control using the Wiimote (NES-style).
4.) Fun, yet very challenging.
5.) Further proof that even developers think motion control is a silly gimmick.

Bad:

1. Graphics. The Wii is doing it's best. Unfortunately it's not 2001 anymore. The characters look decent, but that's only because your mind is comparing it with the previous 2D Punchouts. For a modern game it looks embarrassing.
2.) No "records" section. The only stats this game keeps track of is wins and losses. The omission of statistics (like how fast you defeated an opponent or tallying a final score for the match) really limits the replayability. Stats with online leaderboards would've been awesome.