Yes, by now I've finished the game at "Hardest" and although the combat system doesn't get as deep as S1/S2 (and I consider GodHand the best hand-to-hand system I've ever seen, even if it's a different kind of game) I found it quite enjoyable.
Especially against single opponents, it was nice to get in and out of range, managing the blocking bar, punishing the opponents on their recovery time windows with fast jab combo starters, and going for more damaging stuff when they're stunned..
Against many opponents at once, on the other side, it gets VERY chaotic and couldn't really get along with the new target-lock system.