This is an interesting idea, although I'm not 100% certain about the execution and the intended market. The game is titled "Fight Game Rivals" being produced by our friends at Fight Game, which for the uninitiated means strong links to Golden Glory. The game is being developed for Windows Phone 7 and might have a way of being used on an Xbox 360 as well through the XBL Marketplace, but it is still not clear if it will be available on anything other than a WP7 device. If you are a mobile phone enthusiast, you probably steer clear of WP7 unless you are a Microsoft enthusiast as well. This isn't a slight at Microsoft as much as it is a fact, backed up by a recent report. Android, iOS (iPhone, iPad), RIM (BlackBerry) and "other" (most likely includes Palm/HP's WebOS) are all ahead of WP7 in the U.S.
Hopefully if the game sees moderate success a port over to a device that has a higher market share could be in order, but for now we can just watch a video of an animated Sem Schilt and Alistair Overeem smashing the heads in of opponents.