Probably a little late for me to comment, but yeah, it's quite a bit of fun. Although the character design is pretty out there, a few of them were cool, and after the initial shock of it wears off, it's not an issue (kind of like how Wind Waker's graphics grow on you if you don't like them at first). Most of the stages themselves were pretty cool, too.
But this is also coming from a very casual fan of fighting games. (I'll play fighting games in single player mode just to view all the endings, unlock everything, etc., then I'm done. I cheese lots of moves that work well. I may go back to this game, but destroying CPU players with Cornell kind of lost its charm after a while.) And I'm sure a die-hard fighting game enthusiast would most likely be less impressed with this than I was. And I kind of wish the super moves were shorter.