I agree it's a bit corny in a lot of things, but it's hard to make a Fireball/Dragon Punch look not-corny on an indie film budget like that.
What I really like is that someone inside hollywood is actually a fan and is trying to make a better Street Fighter film by doing this. If nothing else he at least had Ryu speaking Japanese and some good/fitting fight choreography etc.
That three minutes is probably going to be better than the whole KOF movie that's coming out (with the possible exception of Vice and Mature lezzing out in the locker room scene).