I played it and couldn't say that I was impressed by it. In my opinion, Mafia
is a much better game, because from the start you'll get sucked into the story. Also, there are more cars and they feel way more realistic.
And although I'm not a graphics-wh0re, Mafia eats The Godfather alive on this part.
This comparison was made with the PC version of both games. A quote from Wikipedia:
The console ports, on the other hand, were noted to be very poor, suffering from control problems, longer loading times, low-resolution textures and severely reduced city activity (due to the limited hardware of the consoles it was ported to).
It has yet to be seen which of the two games on the Xbox 1 is better...