It's a one-on-one fighting game featuring Tengai Makyou characters. It basically plays like a Street Fighter II clone, but a very good one. The controls are responsive and the visuals are gorgeous, and you get cool desperation moves to boot. It's for use with the Arcade Card, btw.
Adding PCE console specific layer on top of that, makes for an interesting challenge (no, not a reference to Ys II).