I heard about this a little while ago. It's nice to see that there are still some original 2D fighters coming out. And it has loli-style character designs. Cute (though not too original)!
After watching the videos on icycalm's page (nice article!), I'm a little skeptical about it. The animation doesn't look that great. Both KOFXI and Melty Blood have excellent animation by comparison; with a little more work, I'm sure Yuki could've fleshed the girls out a bit more. Arcana's characters did look cleaner than KOFXI's and Melty Blood's, though (from the videos at least).
I can't comment much on the fighting system, only that it didn't look too differetnt from what's already out there. Granted, it's difficult to come up with a fighting game innovation that will be embraced by the fighting game community, if successful, or won't cause the company to lose too much money if it fails. Still, outside of its loli lineup, it needs something creative and deep to help it succeed. icycalm mentioned a customization system, but I can't find any info on that. The
official site has nothing useful.
I'd like to play it sometime soon in order to give an informed opinion. Until then, though, I'm sort fence sitting. I'm looking forward to it somewhat (again, cute cast), but I don't expect much right now.
Jam it back in, in the dark.