First of all, at $40 USD this game is very overpriced compared to its competition.
Second, the game has ok to sometimes satisfying beat-em-up mechanics. Normal hits and combos are just barely ~ok~ in their feel, but using supers to clear out big hordes of enemies is very fun. Boss fights are very strange and will be the major point for players. All big enemies and bosses have full 'super armor' most of the time (they don't get stunned and combo'd like normal) so boss fights end up being trying to jab them a bit to build super meter and then using supers on them. The bosses have big attacks you're supposed to dodge with a dodge button that then opens them up to being attacked more so you can gain more super meter. Boss fights ~can~ become quite fun once you get into this unique kind of gameplay but be wary of this depending on your tastes.
Third - The 'cutscene' story segments have art that is so bad it will probably make you laugh out loud multiple times.
Now with those points out of the way I'll talk about the best thing about the game which is the graphics, backgrounds, atmosphere and just general charisma. It's extremely amazing in this regard and every stage has memorable setpieces as you play through a large amount of levels that go through the first 3 Karate Kid movies.
The stage backgrounds are constantly visually changing and filled with incredible details. You start in the streets but then go to the beach to fight Johnny. You fight through the school starting from outside the building then moving through it and eventually into the sports field. There's a stage where you have to journey through the streets through all kinds of areas eventually leading into the Cobra Kai dojo that itself is incredibly detailed with all the backgrounds objects and whatnot.
The most spectacular to me was one of the stages in the Karate Kid 2 segment in Okinawa where your fighting through the countryside with fisherman in the background and such, and eventually it starts raining and slowly gets stronger and more intense until it's a heavy storm. The All-Valley tournament stage is similarly memorable as it actually starts you outside the entrance and you seemlessly enter and start fighting through the building until you reach the tournament arena itself. It's incredible with how visually fleshed out these stages are and capture a great atmosphere and vibe that overwhelms the weaker aspects of the game. This is enhanced even further by the minigames that appear that include various training exercises including of course catching a fly with chopsticks.
So based on these strengths and weaknesses of the game you should be able to judge yourself if it's the type of thing you would be into, at least once it's at a reasonable price compared to its competition.