I might have to retract previous statements...
But I've spent a few hours playing it now... and it's really fun. OK, so every character is kinda samey, both in moveset and look(Fancy how almost everyone's got fabric hanging between their legs!), and the combo system is kinda simple... but it's fun. And I love the graphic style and art direction they went with for this game. It's probably a good entry-level fighting game, no frills no thrills.
I came across a few audio glitches, and every now and then it won't detect my joystick for a spell and pause the game... but I think it's how the PS2 runs the game, since I gave it a whirl on the PS3 and it was just fine.
I'm sorry Mortal Kombat, maybe you weren't as bad as I remembered you to be. Mortal Kombat Trilogy should be arriving shortly, so that should be interesting.