I was really pumped for this. I've played it at a few expo's, and then the beta. I'm not a big fan of it. Maybe they'll pull something off at the last minute, but I just didn't enjoy it - it's not as good as Smash Bros.
Playing it I had no idea if I had to reduce their health to 0, or knock them off the stage. All we did was build up a counter and unleash a big attack which may or may not knock them off the stage. It's like if Smash Bros Brawl had walled-off levels and only Super Smashes could kill. There's also a huge lack of charm, the interface seems more like a bank's menu than a fighting game.
I want to like it. I like the Smash Bros formula and would love to see Sony's characters given the same high-quality treatment.