Got WWE '12 from gamefly today. I've only played a few matches so far, but I'm liking it well enough. It doesn't seem like a reinvention of the usual Smackdown formula or anything, but it's a step up from the last game I played at least (SvR 2010). The most noticeable improvement would be the match flow - it's a lot more natural looking now, and not as robotic as the previous games. Gonna play some of the story mode in a minute.
They have a pretty good roster this year as well. Almost everyone who's currently in the WWE is in the game, except for a few guys who barely exist in the company, like Curt Hawkins and Trent Barreta (they're awesome tho). Some decent legends as well, but I'm disappointed that they're making some of the bigger guys DLC, like HBK, Macho Man, Foley, and Batista. And the lack of Bret Hart is baffling.