To my knowledge the game runs at 60 FPS, though there are not 60 redrawn frames on animation on characters.
Meaning yes, it is a 60 FPS game. It's a lot harder to draw at each frame of 60 FPS than to animate 3D models to 60.
Sandvich, i'd have to say that the BlazBlue logo is a bit distracting from the rest of the art and the button glow is way too strong in comparison to the start button. Although I do not think the red glow fits, I think if you played around with the colors and outline effects you could get something good.
Mind telling what arcade stick that art is for? I'm just curious.