For folks worried, I'll drop this here:
http://www.neogaf.com/forum/showpost.php?p=46517463&postcount=9
Update: I PMed Jason and asked him about getting an update on the game, and he had this to say:
Hey! Well it was a very early (Japanese) build, so it's really hard to give conclusive opinions. It basically felt like co-op Odin Sphere. Side-scrolling beat-em-up, etc. And yeah, it still exists!
I'll have a few more thoughts/details in a big piece on Atlus that's going up on Kotaku within the next few weeks.
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My Ultimate Dormammu Guide: http://tinyurl.com/6mr4lhv
My UMvC3 Team Building Guide: http://tinyurl.com/8x865ra