We've put in several hours between the current-gen and next-gen versions, although the differences are really negligible. Naturally, the 360 version looks much more detailed than the PS2 game, with a significantly higher number of polygons thrown into the mix. Also, it's got Xbox Live capabilities built in, although we're still not at liberty to discuss the distribution of achievements or online gameplay modes for either system. Still, for reasons more tedious than readers care to know about playing unfinished code for Xbox 360, we've logged in a lot of time on the PS2 version's Season mode.
What we've decided during this time is that people who've decided against buying an Xbox 360 in favor of the PS3 won't get next-gen visuals from the PS2 version (which is backwards compatible out of the box with the new system on November 17 in North America), but they'll get the exact same core gameplay mechanics. Xbox 360 owners will get more points for their Gamerscore and the stability of playing the game on Microsoft's servers, which are possibly (probably?) more reliable than THQ's PS2 servers. We haven't played either online yet, but given SvR's track record on PS2, we're taking a "wait and see" approach.
Visually, the game looks great on Xbox 360, although sometimes the bloom lighting feels a bit excessive, but that seems to be a big problem with a lot of the games that have released in the first year or so of the system's launch. Otherwise, the sweat effects look great, as superstars go from somewhat dry to drenched based on match length. Well, except for Triple H, but that's because the guy shows up to the ring looking wet and greasy. On the PS2, the visuals are pretty much peaked from their look last year, since that version effectively squeezed the hardware dry. Still, a lot of the emotional reactions that had been touted as next-gen seem to have made their way to the current-gen game. While picking up Chris Masters in a fireman's carry, we walked around the ring with him as part of the new grappling feature and could see a rather fearful look on his face, which was something that we thought was confined to the 360 game.
The gameplay mechanics of the new game have been greatly emphasized. The game's new grappling system will map moves to the right analog stick. We've (as recently as today) debated with others at our sister site IGN about the gameplay mechanics, and indeed, the strong grapple isn't much different from what it was in SvR 06, except that the grapples have been mapped to the right stick instead of modified with R1, the D-pad, and the grapple button. However, that same move-set is still available for SvR fans who still want last year's controls.