The 'R Action' appears to be a character dependent reversal of some sort. Yu's is the shoryuken type move he has, and I believe Yukiko does an Anji-esque fan move with guard points/super armour all over it.
Apart from the weird movelist (nothing but quarter circles? really?), I like what I see so far. Especially the Guilty Gear style bursts. Also, it appears that ground teching is done SF4 style, only quick or delayed wakeups, no side rolling.
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