It was developped by dreamfactory, a split off of square, i think they made tobal 1 n 2, along with the bouncer, and other anime based titles. The gameplay of the fighting was far too elaborate, having hi mid low attacks, whilst moving around in 3d, and jumping, and special attacks, and blocking that never worked. I rented it back then, and i hadnt played ne fighters at the time, so thought it was OK, but in retrospect it was pretty bad.
The games only redeeming factor was the ff cameos, as the main cast of the game was a bunch of nomura reject art, half of the characters were apparently ripoffs of popular manga characters (see some police/schoolgirl chick who fights with a yo yo, n a guy with a rocketlauncher in his leg). I'm not sure about these offhand but it was mentioned in a review of the game, so figured I'd share.