It's a decent game, but there are a lot of dissappointments.
They seemed to have somehow taken a step backwards with their story mode. It gives you short and unfulfilling battles on the most important battles, and gives you a never ending and tedious battle againts characters that dont matter. The one thing I liked about story mode is that there is talking going on while you are fighting. It can be from people that are watching the battle and giving commentary, or it can be the fighters themselves.
In the fighting overall, I think they wasted a lot of time and energy. I would have been happy with the controls from Tenkaichi 2, but they made it almost harder to have long combos, because you never know what some of the attacks do and it can really mess you up. Also, they basically dropped radar and searching. The only time you search, is when someone knocked you away and you lose sight of them. Plus, you cant do it on your own, the game does it for you. I was sad when they got rid of the radar. The different types of searching really made it interesting in tight spots. And one more annoying thing: it taunts in random spots if you stand still. That can really screw you over because you cant stop it.
The characters are really the only big improvement of this game. When they say there is a lot, they mean it. But a lot of them have generic moves, or have the exact same fighting style as another person. Another goood thing is that they bring in more detail with transformations (absorbing people, full moon, the transformation sequence, etc.). Sometimes when you're doing too many flasy things at once (gathering energy, using attacks) it will get kind of choppy.
Overall, I liked this game. I just got so critical of this game because they had something really good in Tenkaichi 2, and they went and changed a lot of it.