Really cool and creative idea! It could do better job at explaining how to play, move, avoid attacks and so on. But once you get a grip, it's pretty damn satisfying! It gives me Ninja Gaiden feeling.
With that said, performance is bit bad, especially with many enemies on the map. I loved the VS with the master and the village.
I can see this becoming a full time project, adding some ways to link the combos would be nice.