I liked the first game, but I didn't care too much for the SNES sequel or the N64 one. I think the concept still has potential and it would be interesting to see what an updated version would look/play like. Maybe they could make a robust create-a-fighter mode too using simple, user-friendly 3D modeling.
I call it now: GameStop will release an exclusive limited edition version that comes with a bonus 4-pack of Play-Doh and they will charge you $30 extra for the same modeling dough that you could get at Walmart for like $5. On the upside, you can make clay cawk and balls with it while you're waiting for the game's updates/patches to load.