Oh yeah, it's definitely a solid way to play the game, especially if you're new to it. It just definitely was rushed out the door and didn't have as much care given as it could've, but it's entirely serviceable and at it's core, still a really solid Sonic game. I appreciate, at the very least, that it makes it a lot easier to track down than hunting down a Wii copy. They've also patched a lot of the jank out, so it feels really nice now.
That said, there is still one major bug they haven't patched from what I've heard: There is a part of Terminal Velocity where the robot that fires lasers at you doesn't have its lasers render. It's thankfully not a huge deal, if I remember that sequence correctly, you can just sidestep out of the way by simply paying attention to which way its arms are going, but it is definitely an annoyance.