It's officially titled TMNT: Smash Up (surely a blatant attempt to evoke memories of a certain other brawler), will feature arenas that change throughout scraps (so you'll change locations as you fight, as happened in Power Stone 2), and will see players defeating their opponents by either knocking them off the stage (à la -- oh! -- Super Smash Bros.) or emptying their health meter entirely, which can be refilled with pizza, natch.
There will be no motion-controlled attacks (though waggle isn't ruled out for other aspects, and there will be context-sensitive moves), and what is described as a "dark, gritty" graphical style. Turtles co-creator Peter Laird is penning the single-player story, but what we really want to know is the character roster; currently, only the Turtles and Splinter are confirmed. We're calling shotgun on Krang.