It plays exactly like 5U currently does. You guys can see whatever you want to in my off-screen YT vid but I've played it. Your minds are playing tricks on you. Also, Tyaren's costume is pretty awesome.
Some off-screen footage of Dead or Alive 5 Last Round recorded at The Fall Classic pretty much solely because Tyaren of FreeStepDodge.com asked me to. Thank him for the video and the costume over there.