Indeed, and although it plays in a more arcadey style than the N64 one, I still like them both. What I like the most is the Mario feeling this game goves: from the intro, the graphic style, items, the way the characters act, etc.
Gameplay wise is excellent too. I´ve played a lot the GCN version, although I kinda got frustrated at the game because my brother ALWAYS beats me (and I mean, I have the game since it came out in the GCN and I have barely won a few 1 vs 1 matches against him)