Well there are worse games to spend money on...
Graphically it looks muddy, Characters are heavily pixelated renders of their realtime-3D counterparts, the hit effects are adequate, the stages rotate, and things run pretty smooth.
Sound, the game has decent music and sound effects, so there's nothing to actually complain about, but there's nothing to really write home about either.
Gameplay, it's a fighting game, and like all fighting games, this will get boring pretty fast, the gameplay is smooth, and the controls are responsive, the cpu controlled fighters come in two classes, "complete pushover" and "blatant cheater" More often then not, even on the higher stages you face a pushover of a boss.
All in all this isn't worth more then a few bucks, it's good for killing a little time, and that's about it. So unless you like Tekken, you'll probably rather want one of the Street Fighter or KOF games.