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It is outstanding, it has a lengthy story mode ( a lot of text kind of like a visual novel with some voice acting too, multiple story paths for characters also) It's got a robust tutorial mode that will teach you all the systems at play in the game, challenges for each character, Abyss mode where you can level up a fighter and use items to enhance your abilities as you try to make your way to level 99 or 999 I forget how far it goes.
Graphics are solid, full 3d backgrounds, clean crisp sprites, precise controls, just like the Ps3 version the netplay (real online not ad-hoc...though it has ad-hoc too) is smooth as butter (though there are less people playing online now a days of course)
And if you don't feel like learning a bunch of combos you can use "Stylish Mode" which lets you auto combo with just a few buttons (can use this online too)
Score attack, tons of unlockables like art, colors, music, voices. I bought it just because I was interested in how the online played it since been my most played Vita game. It's just easy to pick up do a few online fights and move on. Oh and online mode has lobbys, voice chat built in, and team battles.
Basically its a lot of game for the price. Oh and the music kicks ass.