Good points SnP.
I don't know if you ever played Pride FC, but it always bugged me that getting a submission was just about who could tap the buttons the fastest; it was boring and at the same time it killed my hands. There has be another - and better - way to do things. I'm personally thinking button combinations coupled with proper positioning myself
This game also needs a ROBUST fighter Creator. We'll all want to create fighters from different organizations; it's a given. THQ should have the forsight to include a fight creator that literally lets us control every aspect. There are some great fight creators out there so this should be somewhat easy to implement. In the past their WWF/E games have been known to have great customization. I love that ones that let you control and morph the head and body to exactly what you want; with the next-gen of consoles here it should be easy.
The best Create-A-Player I ever saw however was in the game Top Spin for the original Xbox. I managed to make myself very very well.
It's probably wishful thinking that they will let us swap these files online, but there's always transfer kits which I'm working on getting myself for my Xbox360 anyways.