Lots of potential, but...
Right off the bat, I want to say that I really liked this game. It looks pretty good, it's fun to play and it has a decent upgrade system, which I always like. However, this game has several problems which, unfortunately, start to ruin the fun fairly quickly. Firstly, it's really, really short and easy. I first beat the king's champion in the 2nd gen, which took about 5-6 min and required almost no upgrades to my equipment. After that it's just a grindfest, which is boring and repetitive. Secondly, the money system is seriously flawed. Early in the game you make enough money, but you never make any more than you do when you start! This makes obtaining high-end upgrades take so long that it's pointless to even try (especially since you don't need them to win). Also, there are a lot of glitches. Items that claim to have stat boosts (exp+ and gold+) don't actually change the amount of gold or experience that you get. Some items thumbnails show the wrong images and the jousters often either never raise or lower their lances before the charge. Also, what is the experience system actually for? It's never explained (unless I missed it somehow) and it doesn't seem to affect the game at all except that your level goes up. I haven't run into any game-breaking glitches yet, but I know that a lot of people have had those, too. It really feels like this game was rushed out before it was ready, honestly. This could be a really good game, but it still needs work. Hopefully, the second one (if you're planning one, and I hope you are) will be better.
Oh, and to all those complaining about having to deliberately lose to the champion order to make more money: you don't have to! Just hit load game and you can fight him again and keep the money and exp you make every time.