Consolidating the posts from the Misc Gaming thread into the original Max Anarchy topic...
Played a few matches. I think I managed to get one kill across ten matches, lol
Anyway the game seems solid enough. You've got two attack types that can be strung together into combos, a button for throws and a button for jumps. L1 lets you lock on to a single opponent while R1 lets you block, and using R1 and X in combination lets you do dodge rolls, much like in DMC and Bayonetta. There are also guard breaks, tick throws (or something resembling them), throw escapes, 'deadlock' type situations (where two attacks cancel each other out) and ground-to-air juggles. Each character also has a universal anti-air and ground pound type move, as well as a 'get the hell off me' type move that has some startup invincibility, hits everyone around you and costs a small portion of your life bar.
There's also a power meter that you charge as you fight, which lets you activate your 'killer weapon' by holding L2, which modifies your normal attacks significantly. For instance Jack gets out his chainsaws and Leo activates his energy blades etc. Finally there's a powerup mode activated by pressing L3+R3 that makes you invincible and lets you do combos by mashing buttons, God Hand style. It can be countered by activating your own powerup mode and attacking the other guy, which puts both characters into a little button-mashing minigame as they attach each other with a nonstop flurry of attacks. I forget what actually determines when you can enter the powerup mode - it might be another meter on the screen.
There are also stage 'events' like in Uncharted 3, although these events tend to be pretty over-the-top. One event had the entire above ground area bathed in microwaves and anyone left outside after a timer finished counting down died instantly. Another one created a black hole in the middle of the stage that players and objects could get sucked into. Another one actually had a plane crash land in the middle of the arena (which actually killed me once, listing the cause of death as 'Plane Crash')
Overall it's pretty hectic. Use of lockon is pretty essential to keep your opponent on the screen but you also need to watch out for people trying to gank you while you're in mid-combo on another player. I'm still trying to figure out how offense/defense works in this game - I've had my guard broken relatively easily, and combos that I thought were safe actually had gaps in them that could be broken out of.