Gotta love the character select screen, great artwork there. I also love the sound of the tag system, and from what I hear, the backgrounds are on the same sort of level as KOF 99 (and the animation is at least as good), which is great news as that had the best graphics in the series imho.
Go here for an in-depth writeup on the game by beelzebubble (read the whole thread as he made a number of different posts about different things):