Its not too late, people still play it. But you have to keep in mind that some of those people have been playing since the game came out, and an even larger number for several years after. You will get rocked, theres no way around it (unless you play with friends).
Sure, the graphics are outdated, but its 2D outdated graphics. 3D outdated graphics will stop me from playing some games, just because my eyes can't take it (if you still have Glover for the N64 you will DEFINITELY know what I'm talking about). 2D outdated graphics can still look good.