I got the game and played it a couple of times. I like the game, but I don't think it's better than either CVS.
Things I don't like about the game:
1) collision detection issues
2) bad music
3) boring backgrounds
4) simple gameplay (ie, no strikers, no rolls, ISMs, Grooves, etc)
I will say I like the redrawn sprites, the conversation pieces at the beginning of the battles, endings, boss battles and character roster (more interesting than CVS1).
I'm sure if they developed a SVC2, it would probably kick ass. SNK has always been good about correcting issues in updates (Samsho3 to Samsho4, KOF 1999 to KOF 2000, Fatal Fury 3 to Real Bout, etc).