Oh man, I sank so many hours into this game back in the day. There was an attempt to follow it up with a 3D fighter, but IIRC it was terrible...
The one downfall (rimshot) of this game is its AI. There are certain moves the computer simply does not know how to block, so you can spam them over and over to win any match. I never did figure out how to finish the final Tournament Mode fight without such exploits...