Its a lot better combo wise than previous MKs! Thats not saying much though. I think one needs to keep in mind that it has a different fighting system and style to Street fighter, much like King of Fighters had a (slightly) different feel too.
I have seen some good combos come out of it, mainly started from a bit of floating (reminds me of Virtua Fighter 2) and watching rounds on youtube of people is usually interesting. Its also a good fun game to play with someone who isnt that experienced with 1 on 1 fighting games. Good with beer too!:D