Well, it's kind of old now. And if memory serves, it never worked quite right with SH2. Now, that being said, at the time I had no idea of modders, and just played through a few of the missions and it dropped off my playlist. It had some bugs at the time that made it a bear to get through as some of the missions were hosed up and you couldn't really hook up with SH2. Wich made me scratch my head as it was a HUGE part of marketing the game and an even BIGGER feature to have overlooked at release.
I haven't really looked back to see if the modding wizards fixed it all, but I did download a mission fix and the patch that made it work with SH2, but have never tried it out. Life seems to keep getting in the way of that sort of thing. And now they distract me with the likes of SH4!!!!
It should be cheap at this point, so give it a go. Not sure about how it will act on more modern machines with the newer OS's
I think the idea has merit and marktability, and to think of the control, visual splendor, and flexability of a new, updated, and linked game.... Wow.