I really like it, I'll be buying it on launch.
Pros:
-Every character has his own fighting style
-"Super kill" mechanic was fun (but I still want a "ring out" type of match in the final game)
-It didn't felt weird to have Kratos and Sweet tooth in the same screen as Parrapa and Sly.
Cons:
-I don't like collecting points to fill the bar, it should fill by the damage I dealt to others
-Scenario hazards doesn't feel too threatening.