Well I was lucky enough to see it ^^ . The game has old sprites, well even KOF has old sprites be redited to give some touches or new moves. But this one has completely Zero effort for sprites (Z E R O) . Obs but may be Leo and otehr characters from Red earth were redrawn, but since i've not seen it I can't tell.
Stages are ok some are innovative some just aren't. The roster wasn't so bad but some characters should have been there.
And before I forget. The characters aren't drawn with the same style. For example Demitri is the same from Vampire Saviour series, Guy is the same from SF alpha, while Ryu has his CVS sprite. Which gives a strange look.
Some one's review (Frankie Yagami) made me notice something too. The cameos appearing at the BG look like posters
Gameplay wasn't that bad, on the contrary it was as good as many other capcom games (maybe not that unique but still good)
Overall : A Mugen game ??