Visually, the game looks good, even for a system which always gets compared to the PS3 or 360. The stylized arenas and characters come off good and look like the images I've seen of the characters in the anime Fighting Spirit. (I regret to say that I haven't had a chance to watch the series itself yet).
Probably one of the more unique visual styles of this game is the fact that the camera is positioned directly behind your fighter. The only reason why you can see what he sees is because your character is almost completely transparent. This really helps to make you feel like you are the fighter himself. For some reason, this angle made me feel more at home than the completely first-person view that Fight Night presents.
The cut scenes are done with still backgrounds and character sketches that look like they come straight from a manga and really help to sell the game's comic-inspired feel.
Audio-wise, there isn't a whole lot to Victorious Boxers. The music is fairly solid, but it doesn't really stick with you. I did find that the music kept me sufficiently pumped up and in the moment, which helped to add to the game's overall excitement. Granted, the game never played "Eye of the Tiger," but what I heard was just as energetic.