I saw Ludosity was working on it. A developer that has already made their own Smash clone(
Slap City), with the characters from the various titles they have created over the years. So I suspect looking at how
Slap City turned out should give an indication of how this title turns out.
I've kind of been following how
Slap City has turned out behind the scene and on twitter I saw that the head honcho(
reallyjoel) claimed that the game more or less saved their company. That tweet was long ago though.
When I brought up
Slap City to a real life friend, after I heard he was a one-on-one fighter aficionado, he didn't need an additional explanation of what title it was since he had already heard of it, and he claimed that the fighting community treats it as a joke. So I suspect this title will not be a competitive one.