This is a very honest fighting game, every character has basically the same tools with unique characteristics, so with solid basics (Attack heights, counters, grabs, etc.) you can probably choose any character and win, but that also means that the skill ceiling is very high, a couple mistakes and you are out, so you really have to think to win, especially in team battle were your partner can heal if you switch, the result is a very engaging experience, one that doesn't surprise me to be so fondly remembered.
If you are here for the campaign, I have to warn you, the plot is a mess. Each fighter goes through 7 fights (6 + final boss) with some cutscenes between them, which may or may not be connected, the result is a barely coherent tale with some (Gen Fu for example) and a series of nonsense with others (I'm looking at you Ayane). Even the final boss is only relevant in like 3 of all the 12 fighters stories. The bright side is that each is like 10 minute long, so it isn't a lot of time and well, at least you can say it tries to make something more than the typical fighting game of the time.
Also yes, this game is full of fan service (Just look at the CG galley), be careful if that's a turn-off, otherwise, enjoy