It's slightly better than Out of the Shadows, but that's not saying much.
First, the combat feels uneven. Even though you can unlock new combo moves for your Turtles and such, you just have the one button, with very little diversity in your attacks. Furthermore, enemies can cheaply hit you, not giving you a chance to counterattack as a result. It's a tactic that withers away your health unfairly. Some do glow red, as an indication to get out of their way, but I have a hard time believing I can't knock over a Mouser with my stick, instead just letting him bite me.
Also, having all four Turtles on the screen can be a nuisance if you're not engaging in multiplayer. That's because the other three characters barely do anything while you beat everyone up. Worse yet, they get in your way, forcing you to take said cheap hits from enemies, even if you see their attack coming from a mile away.
In multiplayer – local only, unlike the classic arcade game on XBLA – things work a little better, but it can be utter chaos when four Turtles are brawling at once, to the point you can barely make out what's going on. Still, it's better than nothing, and it's likely to entertain a few kids during an evening's rental. Just don't expect an experience along the likes of the classic arcade games.