This game looked absolutely terrible during the E3 demo. The people playing couldn't even figure out who was winning or had won the match.
I thought this too, but then I saw the demonstration they did at EVO. It looked a whole lot better. That's probably because they had Clockwork demoing the game. You know, a fighting game player from the dev team demoing what they want to be a competitive game.
This article on Shoryuken has the video. Since you seem to have hated the E3 demo as much as I did you should check it out.
Thanks for the link. The gameplay definitely looks way better there, I still don't like the battle arenas though. They all look really bland and noninteractive. I think I would only get this game if I knew I would be playing with friends a lot irl.