The original Red Faction hasn't aged tremendously well either, but this game really doesn't hold up, even allowing for the obvious technical limitations. The plot is substandard and wastes the voice acting talent they brought in (Lance Henriksen and Jason Statham) alongside some dismally amateur performances and awful dialogue. The game itself has little connection to the first in the series, and while the gameplay is passable, the significant reduction of destructible elements (the selling point of the original) means a bland and mostly boring slog. There are some decent vehicle sequences, but this game would've been a letdown when it was new.
