Not the best, but not the worst.
As with most games, there are good points and bad points. I'll start with the good, since focusing on them would be beneficial - the musical diversity is good, with the wealth of Audio Portal Submissions you've used. So many different artists as well, to help out the community. Free plugs for you, I know, but it's good to get a good spread.
The animation style was quirky - I particularly liked the fact that the characters reminded me of FancyPants Adventures, but with a photo or a traced image of a face over the head. Just something to make it your own, I suppose.
The biggest part to work on would be the engine - the controls lag a little and while the moves list is simple and reasonably effective, it doesn't help that you're punching your opponent and then he's managed to walk past you, evading the punch or kick.
On that issue, you're hit the deadly no-man's land - the movement is two dimensional, but flawed, since you can run past the other character effortlessly, thus dodging their blows, even while standing in front of them. You can't hit them, but that damages the mechanics of the game. I'd make it so that you can't run past one another and add a jump feature, so you can leap over the top of them, thus increasing the moves you can use. Not necessarily combo attacks, but it would give you somewhere to go.
On top of that, a story mode would be a nice way to get into the characters. Perhaps a few fights in the way of things like Street Fighter; Mortal Kombat or Tekken, just to show some more depth, plus as the difficulty would naturally increase in that sense, the game would become much more of a spectacle to play.
[Review Request Club]