As I suspected, it's not a conventional fighter, but rather a brutal version of Punch-Out!! with a very fleshed out campaign mode and various side elements that help make it more compelling. It's a 2010 title, it could end up pretty cool.

Developer walkthrough.

Ha, what do you know. It really is a goryfied version of Punch-Out. Interesting.

"It’s a typical formula, sure, but there’s a few dynamic things running in the background. You have to please crowds (they can throw stuff at you, or cause arena overseers to toss lions into the environment) and balance your appeasement versus the money you make (presumably for better armor and weapons) from not killing another fighter.

Also, this game is mad bloody."

But I think the game still needs a lot of work. There's no flow, very wooden, the dodging is awkward, it certainly looks more of a proof-of-concept that on first glance looks significantly more finished than it actually is, because they use the finished Conduit-engine. Not even comparable to the pacing and presentation of the smooth fights in Punch-Out.

I would rather it not be this style of gameplay..

A fighter huh? Looks cool, the Wii could use more of them.

Yeah it certainly needs work, most of the surrounding arenas and other characters look pretty blah, only the gladiators are nicely detailed. Animations certainly need work, and more attention to detail. The finishing move in the last video should not be possible for example, as he's not using a sword yet impales the guy as if he is. Still, it's set for 2010, there's plenty of time left and I'm sure HVS are aware of the many issues. Personally I would rather have some proper control with the nunchuck, perhaps locked in a strafing motion with the enemy at all times, so you could at least take steps back, taunt him, put some arena elements between you and him, And the crowd could react to that, say if you're stalling they start booing, or you can knock him down then step away and start boasting and they cheer you for letting him back up to continue the fight, etc. But who knows, maybe it'll turn out pretty fun. Despite the similarities it seems a little more "open" than Punch-Out, it's not a pattern recognition marathon, it's more like a fight where you anticipate the opponent's moves, try to avoid them and hit him at the right time.

This does need more rhythm. ilke meowayne, for now its just a proof of concept. I wouldn't buy this game as is, but i remember how the conduit started out, so i have little doubt they will constantly build on this game

I would really like to see a fighting game where the combatants begin to tire after taking a lot of hits. in fighting games characters seem to go full throttle until they suddenly die. Real people dont go like that. they start to swing more wildly, hoping for a lucky shot, and they slow down and limp. I want to see a fighting game do that, and this could be a prime example if they were to implement it. 

This looks awful.  The game play is boring.  Slash *Block* Slash *Block* Swing *Dodge* Ad Infinitum.