Its good shit. Most of the effects are fun tweaks to the battle. The only one I don't like is when the stage flips upside down. When I was doing the challenge tower, the very last TYL went all dragons on the first try, getting me Luck be a Lady or some such trophy.
I also like challenge tower 300. I should fire it up again. Fighting Goro, Kintaro, Mileena then Kahn is a pretty good challenge, and gives you a chance to practice punishes / combos. I think the more combos you do the more Kahn likes it and gives you bonuses. At least I think that's how it is.