Ougon Musou is based on Umeniko and is a conversion of the PC doujin fighter. It has some of the best 2d graphics around, with awesome hand-drawn stages and generously animated characters. It is 2 on 2 tag team based, but is quite an interesting take on the formula.
Phantom Breaker on the other hand has kinda shit graphics and limited animation, but the fighting engine has some different things going on, for example there are no joystick commands , which sounds lame yet some of the fights I've had have been quite impressive despite this

It's good to see whats happening with the evolution of 2d fighting outside of the big budget MvC3s and BlazBlues...