It's broken. Absolutely, shamefully, awfully, incredibly broken. While the action of the game is familiar, a lot has changed such as physics, glitch bailing while standing on a vert ramp, magnetically attaching to a rail, suddenly bailing a trick that you should have landed, and sudden bails when the physics break just isn't right. Controls are wonky and takes adjusting even for seasoned vets of the series. There is little customization and the use of the Avatar isn't interesting. The Unreal Engine 3 is very versatile but its just not right for this game. Feels less like a remake and more like a poor attempt at a competing product (see Grind Session).
Despite all of this, the game is playable. There are a few new challenges that are worth attempting. But if you're not convinced that $15 isn't worth it, then you're right. You're better off getting the original two games from ebay on any platform of your choice and you will have a better experience.