pros:
has some rare elements in this genre like create characters and ring out wining option
easy to learn for first-comers
fast pace combat with lots of combos
different characters have different weapons and different combat styles
cons:
boring story modes
average graphics and sounds
plain presentation
fighting will be tedious soon
creation could be better (in fact it's just copying existing characters with new looks instead of creating really new characters!)
overall:
not a bad effort, worth to try for fighting fans but it could be way better and I hope to they do it in next versions cause the title has some potential.