Very, very impressive
This is an extremely well-made game. Here are the many, substantial good things about it:
--The game runs extremely well, and the engine is one of the best ones I've seen in flash for a fighting game (if not simply THE best).
--The graphics and animation are extremely good. (Then again, with two of the best animators on the site working for you, they'd better be!)
--Good, well-produced fighting music. 'Nuff said.
--Nice combos, good play balance.
--Cool interactive levels worthy (in my opinion) of Super Smash Bros.
While this game easily earns a 10, there is still some room for improvement: in particular, in the area of character selection. I haven't heard of probably half the cast of characters here (Alloy? Samurai Asshole? Huh?), and some obvious choices are missing (Bitey of Brackenwood comes to mind).
Also, the AI is a little...erm...not challenging...on default. Playing with a long-reach character like P-Bot, I barely have to work to kill most enemies. (I don't think anyone has deal more than 55 damage to me in a bout yet.) The obvious solution: make a multiplayer version of this game! :D