Actually in KI1, in addition to what xhChrishx said, you didn't just hit a button to break combos, each character had their own specific special move that they used for breaking combos. For Spinal it was his teleport (d,d+attack) and for Cinder it was his Fire Flash (qcb+attack). Your combo started with either a special move, or a jump-in. Different characters had very specific possible autoseconds and knowing the opponent is how you knew what to break with. Jump-ins always had set follow-ups (LP-LK, FP-MK, MP-FK)... because they were much safer than specials. After an autosecond you were required to follow with an ender, or a linker (which was always another special) if you wanted another autosecond.
Now it seems pretty mindless. Can you go "around the world" starting from anywhere (M, Q, F, or Q, F, M)? Can you bait a break attempt with an autosecond into a linker to get an orange X and then go around the world? That giant "hey-I-screwed-up-so-destroy-me" X over the head that both players can see seems like a really bad idea.
Also claiming that this system will mean that the attacker (and thus big combos) has the advantage in this game is a ridiculously bold statement, especially when we have no idea what punishment will look like, what's possible if your openers get blocked, if they are keeping the damage boost combo breakers would give you from previous titles, and the general risk/reward of what you get if you attack vs what you get if you can effectively punish.
General first impressions? This game is going to be awful.