The problem with that is it's clearly supposed to be a parody, but it doesn't come off as an obvious one. At least not until you watch it a second time. TMNT is all about parody, even the serious comics parodied Frank Miller's Daredevil comics, so I guess the Japanese producers said "Hey, let's load this thing up with as many obnoxious Shonen anime tropes as possible," short of giving them a big Turtle Mecha. So we have obvious references to Dragon Ball Z Super Sayians in one episode (the one where they turn into Wolverine clones), and a mystical armor Saint Seiya parody in the second one. The humor is very Japanese and impossible to translate. It was made specifically for Japan, and it seems that it would play there. It's not terrible, but it's so tongue in cheek, it's hard to tell if it's serious about all the anime tropes.
Plus, I dig the Shredder redesign. Wish they used it here somehow. We apparently got the toys, but they're VERY rare. They just shoved them into the usual line up of crazy turtle variants.
Yeah, the first TMNT series was a minor success in Japan, but they didn't really get much into the second series and ended after the Tournament arc. I'd say the problem was the show was kinda like the stuff they usually have, and an obvious imitation of it. I mean, they had that Tournament in there...
There was an interesting fact about the 2K3 Japanese dub I'm cloudy about... I think the voice of Donatello was the voice of the original Japanese Horohoro (Trey) from Shaman King... and he was voiced in the American Dub by the guy who played Leonardo. I have to double check that, though...