Good job on that review, Fail. Well put.
Here's another review by yours truly. Hope you guys enjoy it.
Johnny Nitro
His Entrance - I really liked his entrance in SVR2007. Was pretty well done overall. So, for SVR2008, I have no real big requests for change in it. Since it was near perfect in SVR2007 already. The only thing I can even think of, is make him seem more arrogant in his entrance. But that's all that comes to mind, and even that isn't really needed.
As for actual entrance gear, it falls into the same category as what I'm hoping his attire will be.
His Look - This is the attire I'm hopin' Nitro is sportin' in SVR2008. Entrance attire and all...
It's current, and up to date. And most importantly, it's colorful. He's known for wearing some pretty wacky colored stuff, so this would suit perfectly.
As for actual body model, he was well done in SVR2007. Looked just like him. His abs, face, everything, it all looked like him. So, for SVR2008, do the same thing you did for him in SVR2007. I think he may have altered the color of his hair, so perhaps give that a tweak.
His Taunts - I'm not too sure what Nitro does for taunts. Just give him some arrogant taunts, and I'll be happy.
His Moves - There's this one grapple move I've seen Nitro do on past weeks of Raw. What this move is, I actually forget.

But, I'm sure he's done this unique move lately, that isn't already included, so make sure to include it in SVR2008. If you guys know what I'm talking about, please, do fill me in on what it's called and looks like.
Another move of his I'd like to see added, is the standing shooting star press he's hit a few times. That'd look sweet. Also, perhaps, give him a new corkscrew moonsault move. He's been doing that lately on Raw, as well.
And on the last Raw, he gave Eugene a neckbreaker to finish him off. And while it was a pretty basic neckbreaker, surprisingly, that move isn't included in SVR2007. So make sure to include that as well. It would suit nicely as a second finisher for him.
Other than that, I think his moves are all there.
Conclusion - He was a pretty fun addition to play as in SVR2007, and I can only imagine he will be funner to use in SVR2008 if some changes are made to his overall character.