My take after 30 minutes: I think this game is just ok. The tried and true RPS of attack/block/grab is there, but there doesn't seem to be much depth beyond that. I didn't like the way attacking felt; you have to wait for your arm to fly out then reel back in, and you're slowed and vulnerable the whole time. There aren't really combos (unless I didn't know what I was doing, which is possible) except that rush thing, which is just automatic after building up meter. And all you do is spam attacks to build up meter.
So I dunno. Seems like it would be fun every once in a while as part of an enhanced Wii Sports type of game, but I don't think I would purchase it on its own.