It's actually a pretty good game. There are 12 of the little sports on there some definitely better than others and there is a lot more content to it than the original had. The first one a lot of people got away with simply calling a tech. demo where this one by comparison is pretty much a more content driven game. Every one of the major sports/games on there has sub modes to it and every one of those modes has a reward/achievement system in place that involves eve rything from completing general challenges or doing some of the wall stuff. For instance, there is this "psychic" award or something if you manage to correctly slice one of the items in Swordplay's speed slice mode before it hits the ground.
Aside from one of the games being kind of janky (cycling) and the jet ski game not having much to it, a lot of the other ones are pretty decent.
As for Punch Out, that too is a pretty good game though you pretty much only have the first and second bouts with all of the fighters. They're a heck of a lot harder the second time around, though once you're done... you're done. WSR I'd say has much more replayability to it. Save Punch Out til it drops in price or something.
Otherwise, if you haven't played all or any of the Metroid Prime games, Metroid Prime Trilogy comes out later this month.