Not nearly as good as the second one.
For being an older FPS, the graphics are still pretty good. The backgrounds are cheesy, but the playing area isn't bad at all.
The controls are very comfortable; you can master the game's controls within the first two levels.
The game play is very repetitive. Every level is different, but the objective is exactly the same - run through the level, obtain the important item, and bring it back to the beginning of the level. The AI of the NPC's never change, just their character's stats, being that some of them have tougher armor and bigger guns than others. Oh, and as soon as you obtain the level item, the Timesplitter aliens begin to appear at random to try and kill you. The game goes from a FPS to the world's most stressful game of capture the flag.
The multiplayer is pretty good, but you choose the same locales and characters used in the campaign mode, giving it very little depth. Of course, if you want to unlock more options, you have to play through more levels. Quite the pickle.
There is close to no story line in this game, which is a little on the lame side, as you have no idea why you have come to each level and time. Story line is very important to me in a game, and the fact that it is non-existent in this game makes me like it even less.
If you want a better gaming experience, I suggest trying to find the sequel to this game. The graphics are better, as well as there are multiple minigames and multiplayer options.