It is a lot like "Soulcalibur". 1st of all everyone has their own ending. 2nd, there are different characters you can unlock. 3rd, there are different bosses (based on who you play as).
There are only a couple differences; one is that none of them can use actual sword, maces, axes, etc. Other differences are that there is no shop, combat practice arena, secret characters, character creater, etc (yet).
What i'm saying is that its like the main base idea as "Soulcalibur".