So, a minute long intro on a three minute video may be a bit much...
Thing is with this, some parts are really cool, (3:04's sliding and 3:13's blue hit streaks) others are odd (The stringy blood) and others seem so bad and cheesy that they're hilarious (Just about everything from the announcer.)
It's an odd mix, and I'm not sure how much is deliberate, and how much is meant to be so-bad-it's-good.
Either way, it's quite entertaining!
The arena is fairly simple, but the color rings are neat, and it's mostly used just for an out of focus background anyway.
The animation is good, though it could a tad more easing out at times.
There's very little story, so later episodes will need to fill in the gaps.
For a generic fight scene, it had some very cool and unique things, but it lacked the story and depth to be much more than a glorified test. Later installments should probably address that issue, but otherwise, it's a pretty solid release.