This game will teach you how to play Yu-Gi-Oh, most definitely. When you first start the game, you'll have your initial deck. Everytime you beat someone, you'll get a booster pack full of cards that are actually found in the packs. Beat a group of characters enough times, and you graduate to another set of characters. This is the basic concept of the game. There is ZERO story line, but it's not supposed to have one, is it? If you're looking to follow the Yu-Gi-Oh story arc, seek out another game.
The rules and gameplay are perfect. Where there might be certain contradictions, the game compensates for them with a clear, solid look on how the rules are applied and how the game works. If you want to test out a card combination, or see how well your deck works against an Exodia deck, I would recommend buying some variation of this game. It's like a real tournament.
The game could use a bit of improvement, however, in gauging the skill levels of your opponents. I'm not sure what any of the red squares indicate, as I don't have the instruction booklet. I also wish there was something special you could obtain after beating Yami Yugi in the very end.