Nothing made ever since (excluding the sequel) has ever come close to emulating the insane action and amount of skill required in this game. The sequel does mix things up a bit and make the experience a bit more interesting, but the origonal still stands firmly by itself.
Explaining the concept to make it sound fantastic is very easily done, but the lack of an open world really ruined it for me. I played the game start to finish when it came out, but only to see if it really did get any better. And it didn't. A less linear, bigger world would have done the idea justice, but I really don't think it's worth playing for more than 15 minutes.