We sure waited a long time for this...
It was a solid game. We all waited nearly four years for the cliffhanger at the end of Special Ops 2 to be resolved, with mostly mediocre WC games coming out in the interim. At the time, the graphics were the best ever made, and the ability to get right up to a CapShip and fly down its length (or even inside it, Anakin-style) were wonderful. Plus, the use of the Strike Commander terrain engine for ground missions added depth that hadn't been there previously. Plus, of course, there were the ground-breaking cinematics with the best bunch of actors ever assembled for an "interactive movie." (and the full-sized anamatronics for the Kilrathi were impressive, even if they moved a bit too much like the Skeksis)
It didn't feel like Wing Commander. The missions were fun, and generally had enough variety to be interesting, but somehow the tweak of gameplay that made WC distinctive was lost when they switched to polygons. (and never regained) Also, the script to the movie was more than a bit loose - it felt like they had two possible plotlines, and instead of picking the strongest, they strung them together with an extremely rough transition midway through. And, more bizarrely, a major plot twist (involving a surprise defection) is never explained - they decided to cut out the scene that let it all make sense.
The Bottom Line
Definately a turning-point in the computer industry; the first "interactive movie" style game that anyone took seriously and the first that the actors involved could list on their resumes without shame. Due to the somewhat dated gameplay, it's probably best played for the sake of the movie, but entertaining for that purpose.