There were two versions IIRC. VPW64 & VPW2. Developed by AKI so of course it plays like the WWE classics from that time. Its pretty fun and has a sweet roster for those who were interested in Japan promotions of that time.
I dont have a ps3 or xbox so I've never played Smackdown vs Raw or WWE12 but VPW2 is amazing and from what I've read online its still the best wrestling game out there. I have it on project64 and still play it from time to time. The depth of the roster, edit mode, gameplay I doubt there's a better wrestling/fighting game. And also the ability to have super finishers is something that really sets it apart from other games I've played.