This will be my shortest review, probably.

Kinnikuman is a bumbling fool of a superhero who is the missing Prince of Kinniku. In order to ascend the throne and prevent others stepping on it, Kinnikuman must prove his worth in intergalactic wrestling tournaments defeating long time enemies the Chojin.
A generation later his son known as Kid Muscle in the only translated anime to date does pretty much the same thing against a new organisation the dMp.
Basically in short, it's what happens if WWE was an anime and was written by pre Dragonballz Akira Toriyama. Again in short, copious amounts of juvenile humour packed into a camp show that has all the typical shonen traits of it's contemporaries.
The 80s original and the sequel from the early 00s are really not that much different except obviously the 00s benefits from better animation from improved technology.
4kids dub surprisingly suits the 00s anime as it compliments it's style of releasing anime, more so than it's other attempts, looking at you Shaman King and One Piece.
But is it good? Well do you like wrestling? If yes, this will likely get a few giggles but very much like most kid's interest in wrestling it fades away when you realize it's not as good as it makes itself out to be and even if you still like wrestling into adulthood then you're more likely to make fun of it. If no, you'll likely find it too childish and you are hardly short of alternatives in action comedy.
Final Verdict: There's nothing really wrong with it, it's one of the few anime you can look at and say "this is for kids" a term I hate using to describe any anime but it's juvenile humour and wrestling plot makes it a low hanging fruit for kids.