I have played this game. It plays very well as a fighter, especially over Wi-Fi.
The basic gameplay works like this:
Each character has about 3-4 trademark special attacks from the series, and 1-2 super attacks. Each character has two other meters (3-levels for each meter): one for defensive moves and one for offensive moves. There are also two planes on the field, like the original Fatal Fury. All characters have the ability to air dash and air block. As with any fighter, some characters are better than others, and after playing most of them, some of the characters have a sameness feel to them.
Another special feature is the card deck. You configure your deck pre-battle. The deck contains cards that affect you or the enemy's attack, defense, movement, etc. for a short time. You will be able to obtain or buy new cards. During the match, you activate the card by touching the the touch screen. This is obviously hard to do with a stylus, so you have to use your thumb.
The game also has an alternate button scheme. Instead of hitting the buttons to attack, you can use the touch screen for some of them, including special moves (so you don't have to do the controller motion)
In story mode, you go through all the major characters. All except Ichigo's is linear. Ichigo's storyline, which is the first one you play, has branching paths. In order to go down the correct branch, you have to win story battles under certain conditions. Sometimes, in any character's story mode, you'll fight 1 vs. 2 or 2 vs. 2 battles.
Voice acting is from the English dub, and it is decent.
There are some really tough players on Wi-Fi.
In conclusion, while most anime-based games suck, this one does it right.