I got the game mailed to me early and I just beat the arcade mode with Parappa. I can't tell you how disappointed I am with this game game so far. The arcade is so bare bones. Pick a character, view their intro scene which is just still images accompanied by voice, fight dudes, fight your rival in a generic background, and than "fight" Polygon Man which consists of fighting regular characters modelled purple and view the ending which is another set of images and voices. I have to spend more time with it but this game so far has zero style. Even the fonts look generic.
I can answer questions if you have any although I might not get back to them right away.