Get Super Smash Brothers or Tekken. This most likely isn't worth your time.
The only way to rate this game is by braking it down, as some parts are great, others crappy, and others decent. First of all is the main point, the gameplay. Not much to speak of really. You just run through several different streets as several different characters using a variety of moves until you beat the stage. At the end of each stage, there is a boss. Most of the enemies up to this point have been riffraff, but this boss will likely take several lives to defeat if you aren't super awesome. Not the beginning bosses, those are usually easy. The later ones get ridicuous. In one level you fight a person in a suit with claws. He's pretty quick, but you'll take him down with timing and perseverance. Next stage, you fight 2 of him. Next stage you fight 3 of him. Now stop and think for a moment. One of these guys alone is semi-hard. 2 is no walk in the park. 3 is just unfair. One of them will hit you, you try to fight back only to get attacked again by his great speed, then the other 2 hit you at the same time. Now you're surrounded. You are getting punched repeatedly and you can't get away except if you either see a split second chance for one of your ultimate attacks ( you've probably run out of them already ) or you get punched so many times you get sent flying. You're either dead or low on health. Either way, chances are you won't make another hit. However, the game is responsive with a large variety of moves per character. If I remember correctly, most of them you have to figure out yourself. You can do quick and strong attacks, grabs, specials, and blocks. Every character is better at doing different of these actions. The huge guy for example, can pick up anything, has strong the throw and strong attacks, but bad quick attacks. Another guy is fast with good specials, but bad strong attacks. You can pick up a huge amount of different weapons and items. Cars, vending machines, knives, crowbars, pipes, flamethrowers, pistols, machine guns, baseball bats, benches, you get the idea. There are a lot of characters to unlock, and you have a decent amount to begin with. The multiplayer is the star of this game. Co-op and the possibility of 4 people fighting at once with each character being different is fun to think about. Unfortunate that these kinds of fights are more about luck, and get boring, but too fast.
The sound is good. Forgettable, but good. The character sounds are pretty good, but the music is shmeh. Just background music, nothing more. Most of the time the music during boss fights will just make you angrier because it seems to make you more irritated about the unfairness of the fight, or the realization of impending doom that you're about to die.
The graphics are the best part of this game. They are often sweet, varied, not often repeated, sometimes beautiful and well done, and overall cool. Really pushes the playstations graphical power, but it still almost never lags.
Story? What Story? The character biographies are all you get. If you expect even an explanation for the fighting, read the manual.
Overall, the game tries, but doesn't quite make the grade. It's fun for a while, but as soon as you realize how hard it is near the end, and you just lost about 30 to 45 minutes worth of gameplay with no reward, it's pretty easy to put down. 7.3 out of 10.