Actually, this game could have a chance of being somewhat decent. When you think about it, since IGA's team is pretty small and have no experience with 3d fighting games, it is possible that an outside company could be working on this game with IGA just overlooking the progress. Just like how the PSP Castlevania was done by and outside team and all IGA did was overlook the development.
If we're lucky, then 8ing might end up being behind this. Since all 8ing does is make 3d fighters for other companies, who's to say Konami and IGA didn't get a hold of them to make this game. And since they're capable of making decent fighting engines, I'd actually have faith in this game if they're involved.