I've had this discussion with some of you before, but I believe that the biggest mistake they could make is trying to make the graphics as photo-realistic as possible and the game engine as technical / sim-based as possible. Bottom line, this game needs to be fun, balanced, and have a lot of replay value. If slightly cartoonish graphics and "moves" that are pre-rendered to allow cool MMA-type stuff to happen (for example, a button combination that allows your Anderson Silva to clinch, throw three quick knees to the head, and push off) is the way to go. Same with the ground game. One button to clinch, some paper-scissors-rock factor for the takedown, and then a choice of combos to go for different subs with an opportunity for reversals / defence.
I like what THQ has done with some of their wrestling titles, and I'd also point towards Legends of Wrestling II as a good example of what I'm talking about (which isn't a THQ title).
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