I really enjoy the game and the system design. There's been some talk here of shenanigans, but I can't really comment when I've yet to play a human being. My impression is that while the game was designed to be accessible, playing anyone above scrub-level requires a player to be patient, have solid defense, and be willing to do match-up research -- which has frankly been a rarity in recent fighters that I have followed. The ability to stagger character and persona attacks into extended blockstrings (when combined with OMC, JC, and, occassionally, OMB) means that you often can't actually see the gaps; you have to know that they're there. And that's hard to get the hang of without playing a lot of matches.
Like you, I haven't done more than training and challenge mode -- neither to the degree that I "should" in order to pick up a new game in earnest. That, again, I blame on my reluctance to use netplay. Still, I decided last night that I was going to put in some time each day. There's no other game on my plate right now, so I don't have much of an excuse, my work schedule nothwithstanding. I'm confident I'll stop having to push myself once I feel stable with my gameplay again.
Aside:
If there is a game everyone here wants to make a go at, let me know. I own KOF XIII and AH3. The latter is, I think, really interesting, but it usually gets summarily discarded for being a loli. Melty is unattainable at $120+/copy, and I never played BB -- it seems to have a ridiculously high barrier to entry. *shrug*