Ok, here is a super rough translation in 10 minutes. Sorry for the glaring errors and mistranslations. I think this gives a good idea of what the game is going to be like though. CygL (I think thats his name of the author) made a really detailed loc test report.
From the japanese site
-Characters are high res like Guilty Gear
-Original Anime voices used
-It’s not known whether it will use the card or not, it didn’t work at the loc test
Here are the playable characters at the test:
Kenshirou, Raou, Toki, Jaki, Rei, Shin, Yuda
There were three more characters that couldnt be used, making it a total of 10 default characters.
(Maybe they will include Shu, Sauza or Amiba???)
Game System
-Button setup is like KOF, plus a boost button
-Life damage is similiar to Vampire savior. (How it goes down, but if you wait a while some of it comes back.)
-There is a Boost gauge (Perfect Gaurd, Boost Cancel) and an Oora Gauage (Im guessing thats ORA!ORA!ORA!) that can hold up to 2 stocks, to be used for special moves.
-The game has gattling combos just like guilty gear, Double Jumps, Air Dashing, Air Guard,
- You can do an Ariel attack (I’m guessing this is like a knock up, or an air combo or something, エリアル) but can’t hit opponents on the ground
-Weak Punch+Weak Kick gaurd crush ?? (not sure)
-Strong Punch+Strong Kick, knock up, follow up by pressing up after
-While Guarding press boost button for perfect guard
-Press any button when you get knocked down to spring back up
-During normal attacks you can push the boost button to cancel them (sounds a lot like the roman cancel system)
-For each character 2 3 6 + strong punch and strong kick gets you a FINISHING MOVE
-Boost + 66 while gaurding does some sort of dash (author inserts a question mark)
Kenshiro has a bunch of regonizable moves from the comic
Rau can’t dash backwards, he jumps back like a kof 94 character
(A bunch of character discusion, moves and stuff from the comics)
Summary of the bottom: The game rocks. It feels like a guilty gear-like Hokuto no ken game.