I've seen the anime. Cheesy. I've seen the live action. Terribly cheesy and only managed to make Tekken's story worse than it is in the game. But hey, maybe CG will be cool! Just look how epic this trailer is!

the action looks decent but i don't see how the parts where people aren't fighting will be any less cheesy

Though I'm kinda hooked now, I think it's a terrible mistake to set this in the present of the Tekken universe. Way too many insanely ridiculous characters added to an already huge roster plus the overall weirdness of the story just cannot possibly result in a decent movie. They should stick to the roots of the series, spanning the first two games and fully concentrate on the Kazuya-Heihachi revenge plot. With a decent amount of creativity you could craft something quite memorable from that, I believe. Especially the pact with the devil part has had potential back in the day. What they did with it, though ...
If the fights will indeed end up being the only redeeming thing about this, I'd much rather just play another hour and a half of Dark Resurrection Online.

Nice fighting sequences garnished with a whole lot of fan service is my bet on the final product. Every damn character will appear. None but maybe a handful will really get a good chunk of "airtime". In the end it'll only succeed in making Tekken even more ridiculous. Sounds alright, I guess.

kinda excited. hope it will do really well. hope it turns out more like FF7 advent children than resident evil degeneration. hope kazuya will play like an anti hero like he supposedly is than just a villain. i will also settle for just cameos of the minor characters in the storyline. if they try to cram at least half the roster here im pretty sure it will ruin the movie. there seems to be a new personality as well (shin kamiya). hope his role will be fine and wont ruin the story. seems like Ling Xiaoyu is the main here as well. 

With a little luck, this could be good.