The high point of the film is of course the end fight. I wouldn't say it is as vicious the first Rocky v. Apollo, but it was shot pretty cool. There is a priceless hit for hit slowmotion sequence that should be revisited on youtube if you can find it. They also an interesting thing for the end of the fight where Rocky and Apollo both fall down and the fight is won by who can get up first, instead of who gets knocked down.
Overall I would say this one did very little for me. Rocky IV's shitty 80's feel at least kept me entertained.