Here are my initial thoughts on the game:
+Netcode is very good. No real input delay, however, rollback based. Worse the connection, more apparent the rollbacks. Personally I much prefer this approach.
+Cast is 20 deep, soon to be 22 with free DLC chars.
+In game stages and graphics look great.
+Gameplay/Mechanics are solid.
+Tons of unlockables.
+Cross-buy with PS3 version. (Doesn't matter to me as I do not have a vita)
+Controls are simple yet varied, as expected of a brawler. More moves than SSB as square, triangle and circle are used for attacks.
+The unlocks don't feel like a chore, and actually want me to keep playing. Though this might be due to how easy they are. It's just a matter of leveling up.
Now, the negatives, which I'm sure most reviewers docked the game on:
-Presentation looks like ass, specifically the menu screens. They are basically cropped pictures of the characters on a gradient background. I could've made it in photoshop. Because of this, coupled with the music, it has a real generic feel to it. However, in game looks great none-theless
- Arcade/story mode is basically still pictures. Only rendered scenes are the rival cutscenes.
- There are various glitches. Some I've experienced were picking a character and getting a different one. i.e. I pick Sir Dan and get Sackboy in game. So far this has only been with online. Also, a guy decided to be a jerk and play as Big Daddy and freeze everyone else. I have no idea how it was done, but I'm sure it's documented somewhere. Other than these, the game has been fairly solid.
- The game pretty much pushes you to play 2v2 or free for all online. Those are the only modes avail, at least for unranked. I hear ranked is only 2v2. No way to play 1v1 or custom game.
- The character specific challenges are basically copy pasta. It's the same challenges just, different character.
Other thoughts.
= I'm having a great time playing the game, sort of brings me back to days of smash melee, sans wavedashing.
= The game so far feels balanced. Though I really only play Nathan Drake and feel that Kratos is really powerful. Of course there are characters with better supers/killing ability, but I don't know how it all plays in the tier listing as of yet.
= There is short hopping in the game, just tap the button.
= Tons of Dante and Raiden fanboys.
= Canceling air moves with landing seems to be the most advanced tech atm. i.e. Drake's air moves recover faster as opposed to the ground versions.
= I thought rolling was going to be broken, but like in smash, characters aren't invulnerable the whole way. Just stick out a meaty or multi hitting attack on the end of the roll and they get tagged.
= The game definitely doesn't seem complex at all, and I am really unsure about it's competitive nature. But my guess is that the game won't be considered competitive with the likes of SF and Marvel.
= I personally like the character selection. I understand that they are at the same time promoting several IPs. People are poo-pooing the selection, i.e. "Sony y u no Crash Bandicoot". We should be amazed that Sony actually had a brawler as they definitely have much fewer characters to incorporate than Nintendo.
= The reason they may be pushing 2v2 is because 1v1 takes significantly longer. It's harder to tag someone with a super, since all they have to worry about it one person. Thus the match gets much longer. For example, I had a parter who was afk and died quickly. I actually fought back and boy did it take a long ass time just to kill those two people. I will predict that tournies will have 2v2 format, stock limit with a time limit in place, other wise, games will take ages if it ever boils down to 1v1.
Overall, I'm having a great time with the game. I feel like I'll actually play it, unlike recent fighters. Also it's something I can play with anyone and take a break from the competitive fighting games. Though I have a feeling the game will do mediocre and will prolly see a price drop early next year.