It's the Fatal Fury gang you know and love. If you played the games, you'll appreciate seeing all the cast from the first Fatal Fury game represented here.
The plot is standard martial arts tripe. There's a secret technique and old martial arts rivalries in a fictional place where people prefer to settle rivalries with their fists than with other sorts of weapons. It's a bit of deviation for a norm, however, that guns play a major role in this film, harrowing and hampering the protagonists as they make their way to the final fight.
Everything is too short and not very well-developed. The music is great, especially the maudlin song "Fly Away" from the empty credits song, but most tracks are but a few seconds long. Some of the fights are good, but again, they last mere seconds; also, when mentioning the fights we should also note how most of the moves are nothing like their in-game counterparts. The rising tackle seems to be a bizarre kneeing crack shot, Andy Bogard uses his head rather than his feet to attack, and Geese Howard's reppuken looks more like a Proton Cannon.
It gets the job done. If you like the games, you'll like the style and presentation of your favourites from the game. If you don't, I wouldn't say it's worth hunting down, but a fan of action movies would probably find it a satisfying, if short, casual watch.
Honourable Mentions: Super Mario Bros (1993). Geese looks very much like the humanoid version of Bowser from this movie. His personality is more threatening here, however.