Agetec was getting at something with this game, but it really isn't worth your trouble.
The creation options are poor. I was expecting a model creator a la the WWE Smackdown! series, where you could put layers and layers of stuff on your character, while also modeling their figure. Not so. All you can do is adjust what they wear, which isn't really that thrilling. The clothing is merely ho-hum, and the graphics don't help to liven them, either. You can customize your character's skin tone, hair, face, and gender, than put shirts, hats, pants, gloves, boots, and the like on your character. Its not to say there isn't much here. It's just that the item variety could have been better and more creative. At least there are some parts you can use to create existing fighting game characters from other games. You can also port your Fighter Maker 1 character into the game, as well. I also though you could customize the entire game, but it turns out, you can only cutsomize the fighters. Bummer.
Animating characters takes a LOT of time, and the result can be anywhere from cool, to really bad. The animation could be hurrendous, leaving your hard work as nothing but a piece of crap. It is kind of due to the automatic animation between the poses you make for the animation. It's a nice touch, as you don't have to adjust every frame, but it can also link poses rreally badly, like making arms go through bodies and such. You can create just about anything, though, but no projectiles, sadly. The animation tool is useful for creating anything you want, but not useful for creating something well.
The gameplay is actually mediocre too, with slow animations and bad button layouts, along with no rewards for beating the game. Hey, it would've been nice to unlock some create parts or something. The so-so gameplay just completely contradicts your purpose of creating your fighter.
The graphics are bad; really bad. There are only 5 levels, 6 initial characters, and then the poor menus with absolutely no music. It's all just bland and uncolorful. The sound in fights in also poor, as they are slapdash tracks that Enterbrain just rushed in there that match the stage, but sound bad and are totally forgettable.
That's really all there is to it. If you want to create a fighter, this is not how to do it. Take some game design and development classes in college, get a great computer like an Alienware, and then make a fighter that completely laughs at this game. Sure, it may cost more, but at least it would be worth it.