The only thing this has going for it is local multiplayer. That didn't make Punch Out!! into much of a hit though. That game lacked content and it looks like this one is going to suffer the exact same problem.
If the core gameplay is fun and arcade-y enough, I suppose it could still be a moderate hit.
A game I'm developing with some friends:
www.xnagg.com/zombieasteroids/publish.htm
It is largely a technical exercise but feedback is appreciated.