The animations, the timing and the use of vertex-stretching + motion blur = perfect. I also like how accurate the environments in relation to the anime/manga. I was sad to see the inclusion of an extremely prominent hud but at least the overall movement of the characters, the small details like throwing an opponent into water only to see his knocked out body resurface, etc., makes up for the presence of the hud (I'm just a big immersion proponent).
I also like how they are using the items in the fight itself.
The only thing I would change? I would make the dynamism of the fights progressive; you can't start a fight in the same way you would end it, it starts with simpler techniques/attacks and ends with more powerful/complex ones to replicate the feel of the anime, with proper dialogue as the fight unfolds.