Maybe it's just because I haven't had as much exposure to some fighting games as opposed to others, but I think that the formula as it is now (as other peeps have said) isn't as bad as the article says it is. At the very least, there are games that get it right, and those that get it wrong.
Now, I'm bad at fighting games in general. Street Fighter, Marvel vs. Capcom, Soul Calibur... I was never any good at them. The only fighting games I can hold a candle in would be the Smash Bros. games (Brawl, specifically). In this case, the fact that I can be even somewhat competitive is what draws me back, alongside the whole premise of the series: Nintendo's finest knocking each other into orbit. The game is interesting, in my opinion, and so it deserves my interest.
Guilty Gear is another title I liked. With this one, I'm back to sucking pretty badly (I pretty much rely on Testament for his range). However, the diverse quirks and qualities of characters and the amusing spotlight stories of each are sufficient for me to enjoy playing it. (If I owned the game itself, that would probably help my skill problem.)
DBZ fighting games do the same. The Budokai and Tenkaichi series are an outlet for all the nostalgia and awesomeness that I associate with DBZ, even if the games themselves aren't perfect in their execution.
It all comes back to one thing for me: How interesting and amusing/awesome is the game I'm playing? My problem with games such as Street Fighter is simply that they aren't quite interesting enough for me. With unique characters, epic finishing moves, and at least modest accessibility, I think any fighting game can reach people who would have interest in it in the first place. Because not all people will enjoy fighting games, just as there are many people who don't enjoy FPSs, RPGs, RTS, MMOs, and any other number of acronyms. I'm generally not that crazy about fighting games, but I'm open enough to let them catch my eye. And what's more eye-catching than successfully launching a Spirit Bomb at your opponent that happens to blow away a good quarter of the planet along with him?