Picked it up a few days ago. It's essentially a dumbed down Budokai 3. The moves are easier to do, far less playable characters and even less moves (all cinimatic moves are gone and each character only gets three special moves).
Story mode is a straight foward series of fights based off the "new" DBZ Movie; "Fusion Returns" (or something like that). There's no cinimatics to speak of, but there are voice overs before each fight. Other than Story mode, there's a basic arcade mode (basically story mode, but with no story, plus you pick your character). Multiplayer is AD HOC only and there's no game sharing (BOO!).
A alright fighting game to non-DBZ fans, a good (abeit, watered-down) redition of Budokai on the PSP.
OH, and if anybody cares, the loadtimes are pretty quick (for a PSP game, at least) and the game requires version 2.6 to play.