While I don't think this is the best version of MGS1, it is to me, one of the wackier games in the series because you can see how different the series would have been had they not retained a grounded aspect to any of the playable main characters. Some of the feats they have Solid Snake pulling off in the cutscenes really plays into him being more of a super soldier, rather than just a highly trained operative. Honestly, Metal Gear Rising: Revengeance fits as the end point for everything this game does in its cutscenes.
On the gameplay side, it is using the MGS2 style of gameplay and that does trivialize most sections from the original game, especially with the addition of the tranquilizer. This makes the game easier, but it removes some of the tension and thought for sneaking around.
I still recommend it for a good time.