I'm very happy with WWE 12 on 360, it's not a 5.5 type of game or a 9.0 game either, I'd place somewhere in between of those extremes.
Some stream of consciousness impressions:
+ I'm impressed with the signature style and moves that the wrestlers have. The arenas and characters look very representative with only some small issues here and there with some of the character faces. In a match pitting Sin Cara against Mark Henry, I appreciated the size differential and I didn't see Sin Cara slamming and throwing Mark around like they were the same size and weight. I skipped the last few wrestling games from being bored with the SvsR formula, so this is new for me.
+ The controls are simple and easy to pick up as well. All 4 face buttons correspond to strike, grapple, irish whip, and signature/finisher moves. As others have commented, the matches have a real flow to them that is reminiscent of good WWE matches you'll see. The ebb and flow makes the action feel really great. I also like how battered opponents start to lose their speed and mobility over time. So getting the leg up and smashing on your foe seems more important than ever. Collision detection is mostly good. I've only had a few issues with some wonky animations and awkward moments in the Royal Rumble, but it's to be expected I guess. Didn't ruin the fun for me at all.
+ All the match variants really have me struggling to figure out where do I start on putting together various matches. That's a good thing, I can see myself playing this for a long time. Sure there's no Buried Alive or Casket matches, but how frequent are those anyway. I especially love the Elimination Chamber, online play in that mode is hilarious and awesome.
- The QTEs on Buried Alive and Royal Rumble need to die in a fire and go away! Beating the computer in the Royal Rumble is really easy as you can take a fresh opponent coming in and throw them out immediately from hitting like 10 straight QTE buttons within 30 seconds. If a guy is fresh, the QTEs needs to be much harder than it is right now. Was able to plow through 11 other superstars with the Long Island Ice Z with ease, one by one before others came into the ring. Maybe it'll get patched. The presentation for the Royal Rumble is really slick though, feels like you're watching the real thing.
- The Universe mode is annoying. Not so much that the matchups aren't interesting, but it just seems so random and incoherent. Those of you not familiar, basically the thing is like a long ongoing "season" of WWE and you can intervene and fight any matchups you want. The problem is that the "random" bits don't make sense. For instance I was fighting Beth Phoenix with Kelly Kelly and on the cusp on victory, the camera cuts to Eve running down the aisle like she was going to interfere. She just watched ringside while I got the win making me wonder what the point was. Maybe I need to play more, but the mode just seems like a random collection of matches not tied together by a decent story. I understand RTW mode is that, but I'm not running to give that reportedly atrocious mode a run.
- The creation station stuff is cool, but from downloading one of the WCW Thunder arenas, I was especially disappointed by the pixelation and graininess of the ring logos and side aprons. Not sure if I just downloaded a bad creation, but it wasn't pretty. When the servers are up later today, hopefully I can find more created arenas to see if the thunder thing was an anomaly. The Kurt Angle that was available to download was a good version, but he didn't have any theme music.
+ Online seems solid enough. Didn't have any problems with lag or stuttering, and it appears there's a nice ranking system so you can get a sense for how strong your competition is. I think the best fun will be had in matches with at least 4 people though. It's far too easy to run into a cheeseball in 1-on-1 matches that exploits the game and takes the fun out of it. One guy's Brock Lesnar in particular was a super cheese ball doing the same move over and over.
+/- I'm still iffy on the countering system. There are times when it registers as it should, and other times where I'm not getting the reversals I think I'm nailing. It might tie into character ratings, but I'm not 100% sure. Online, the reversals seem really random, but I'm giving it a pass for now until I can make sure it's not me.
As someone that has played a few next-gen wrestlers (SvsR 08, Legends of Wrestlemania, All Stars), this is easily the best effort yet. The roster is huge, the core gameplay seems tight, and I'm having a lot of fun after playing for a day. Add Professa Skillz on X360 and we can get some matches going in stuff like Elimination Chamber and Elimination Tag matches!