It is very lackluster as of right now, outside of the actual versus gameplay. Alone that the servers had these big starting issues really hurt and Capcom did not make themself a favor there. The grinding for colors is also quite ridiculous and an artificial way to expand single player playing time in an MMO style.
It’s also a fact that most people buying and playing the game are casual folks and word to mouth has a lot of power there. One just has to look at the steam forums and a couple others to see the dissapointed players. This kinda stuff can really impact a games reputation and it will hurt the sales a bit.