After playing it last night, I have to say first off, it's a very good game.
I have a couple gripes with it, but let me first put it in perspective: I'm comparing this game to other games because it's just that good. It's so well done, I'm amazed. Realistically, this game could be packaged and sold as is, and be better than most commercial titles.
First and foremost, the game plays a lot more like Final Fight than Streets of Rage. The music does fit the SoR theme.
The other issue is the actual gameplay. The characters are too unbalanced. Max is obviously slow, but on top of that, his moves don't always connect. His jump kick is strangely high (try hitting those guys on the motorcycles with him!) Combo'ing with him is a pain, because his double tap move will pass right through/over the enemy (which happens often, since his regular punch has a really short range).
The blond haired chick is overall really weak, and unathletic (Mandy? I think). She has some pretty weak attacks. Her special is kindof annoying (it's very SNK inspired). She's slow on top of that. She really doesn't offer anything except a 'bounce' factor ala DOA, but it's a beat 'em up and eye candy really isn't eye candy when she's too busy getting her arse kicked.
The white haired chick (Mala?) is absolutely awesome. She combos brilliantly, has a really nasty double tap move, very fast, and takes damage really well. Her special is also pretty neat. That being said, even on hard using her makes the game pretty easy.
As a matter of preference I use Max from SOR2 exclusively when playing that game, so I guess my biggest gripe is that this max, even though designed to whup ass, is unintentionally weak. The Mandy person is definetly Skate redux, but is slower than Mala which is kind of a surprise. Mala is awesome.
The only moves that I could think of that would be necessary to add is a behind-attack (reverse punch, mule kick, etc) and behind-hold attacks. It takes some work to get behind a character, might as well make it worth it, right?
But again, I need to stress I really, really like the game. I wouldn't say it's better than SOR2 as some on other message boards have claimed, but it would have been a great commercial title for the DC. It's certainly better than almost all beat 'em ups from Capcom (exception - Alien v. Predator).