From Wikipedia:
This game is a crossover fighting game with characters from 11 different Cartoon Network shows. Players can fight in 21 different arenas, as well as fight through an original story-driven adventure. The game will feature 3D visuals and multiplayer competition via Wifi.
Character trailers on IGN:
New Cartoon Network Game Announced for 3DS - Nintendo 3DS News at IGN
Gameplay footage:
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WTF R U DOING TARA STRONG DEXTER DOES NOT SOUND LIKE THAT STOP MOCKING MY CHILDHOOD
Gameplay looks crazy fun though. Enjoy your SSB DS lol.
