People typically hate on this game for inevitably being the decent of Rayman games for half a decade, and that is actually true. Though I do wish this turned out to be the full fledged "Rayman 4" that it was supposed to be, this game is still fun.
I grew up a huge Rayman fan because of the characters, they were so entertaining. The Rabbids are an entertaining group, as proved by a line of sequels, mainstream merchandise. and a television show. Since Rabbids are your only source of character selection here, you'd think it'd be sub-par, alas the Rabbids continue to entertain with their outlandish behaviors.
If you want to play Rayman 4 the way it was initially planned, just buy the DS version. It's literally unchanged from it's initial standpoint. Of course it's not the full Rayman 4 PC experience as it would have been, but it's the original idea of the game as it was intended for the DS (suspicion leads me to believe they were almost finished the DS version and didn't want to re-make it as a mini-game collection so finished it up as Rayman 4 style). It's actually a pretty fun game, too. The sequels on the DS however are understandably just mini-game collections, which are, for the most part; dull.
So that wraps up my long-ish but comparatively short opinion on Rabbids overflowing the series.
Do I recommend this game? As a standalone title; yes. It's fun and can be revisited from time to time.
Do I recommend this as a Rayman game and to Rayman fans? Not to the full spectrum, but some of the nostalgic enjoyment can be found here.