The project is lead by Careno and the video above shows off some of the new character designs (of Lan, Megaman, Mayl, and Chaud) for this fan game. They have also released a demo, which you can get here. I haven’t been able to try it out yet, but from the looks of the screen shots it seems they’ve got the MMBN engine done well.

If you want more information about their project you can also visit their forum.