I'd play this game with more frequency on XBL if the people responsible for it's release had removed some of the cheaper elements of gameplay. As it stands today, none of the issues have been addressed and everyone online utilizes the same sure-win teams and unsportsmanlike tactics.
It just drains the fun right out of the game.
Offline, the game is a fun (if unbalanced) diversion. I tend to stick with the Capcom side of the brawl- with my main team consisting of Strider, Captain Commando and Jin.