Do I really need to tell you that the visuals are gorgeous? Well, okay: Did you get to play Tony Hawk 3? It's better than that. The character models are so very convincing; from something as minute as missing the board on an ollie to wipeouts as painful as landing up-side down on your chin, trust me when I say the developers did not miss a beat.
They were also able to work some HUGE levels into the engine (which the PS2's hardware handles flawlessly, I should add). This game sports a rock-solid framerate, not to mention smooth collision handling and one hell of a snazzy interface. Wow, if this isn't design...
Sound effects are great, too - most impressive (though no better then the last Pro Skater) are the rolling sounds which depend upon the terrain the player is skating or grinding on. Neversoft has always done a great job in covering all of the bases. The soundtrack is also really good, including some of the latest punk, rock and rap music.