The presentation/visuals are impressive! It looks and feels like an actual Sega game. Nice work!
I was able to play versus mode with two controllers, but unfortunately didn't have anyone to play with so I just played by myself taking turns with each character. Reimu seemed to have a full set of attacks, but for Marisa I could only do one basic attack, throw, and block; the other basic attacks do not seem to work and the LB button seems to do a basic attack instead of a special.
The moves/attacks are nice, for Reimu there was a good variety of moves/attacks and it felt fairly satisfying to play, even alone.
Please take this with a grain of salt since my experience with fighting game is basically Street Fighter 2 and Mortal Kombat 3; it felt like the animations were too prolonged and the fighting was not super responsive. I feel like it could be played at double speed to make the game feel more responsive. My only other criticism is the voiceovers for the different moves/attacks can get repetitive pretty quickly. Maybe not every attack needs a dialog line? Or perhaps there needs to be a variety of lines for each attack.
Other than that, great work! It shows you've put a lot of effort into this passion project.