I picked up this game last night. At $25, it really was an impulse purchase. I haven't played a KoF game since Dream Match on the DC, but I am surprised to say that I am really enjoying the game so far.
It has 3 on 3 tag-team fighting (akin to MvC2) and a great variety of characters and unlockables. The fighting/characters also seem pretty balanced so far (except for the last boss, who is a cheap ass). The presentation is great.
The sprites are horrendous, which should come to no surprise as they felt dated a decade ago. But the backgrounds and music are actually pretty good, thanks to the Atomiswave (a remixed Naomi board).
I am looking forward to see what SNK does with KoFXII on the Taito X2. They're finally ditching the old sprites and and making brand new ones. I hope the animation is upgraded too.
If you like 2D fighting games you really owe it to yourself to check this game out. It's actually quite fun.