A couple of guys are making a fighting game filled with your favorite heroes of the past and present. It is a Mugen based game called Card Saga Wars. Unlike other Mugen games, everything is being created from scratch just for this game. Characters such as Chrono, Master Chief, and even Etna from Disgaea are selectable. Look it up on Youtube, or here is a link to their homepage: http://cardgallery.tales-tra.com/main.htm
It has been in development awhile now, but it looks as if it will be well worth the wait!