How does this game play? Is it similar to Tekken (I hate that wave-dashing bullshit) or does it play like VF or SoulCal?
DOA is roughly based on VF (hence the VF guest characters). DOA tends to have worse frames on normal hit when it comes to frame advantage, however. There's a lot of fishing for counterhits.
DOA's holds are a way to stop your opponent from using the same move over and over again (well, you can still stop people from doing that in other games, but in DOA it's more "direct"). In my opinion it makes things a little more dynamic... but you'll still be repeating things, just not so blatantly.
The game revolves around the Triangle System; strikes beat throws, throws beat holds, holds beat strikes. i.e. "Rock Paper Scissors". Using the Triangle System properly usually grants you 150% damage. An interesting thing to note is that the startup frames of strikes are invincible to throws (period!- no matter how slow the attack). This last fact also makes advantage and disadvantage feel "fluid"- if you are blocking at disadvantage (a natural reflex) and your enemy goes to throw you, the only way to counter (since command throws are unbreakable in this game) is to attack at disadvantage, even if it's severe disadvantage.
DOA has "Critical Stun", which is its form of frame advantage (usually granted on counterhit). In Critical Stun you can't block, attack, or move, but throws won't be effective on you (at least until you leave stun). You can stagger escape (a la SCIV/VF/etc.) or Critical Hold (basically a hold with greater recovery and less damage) to get out of situations. Your opponent can "stun > launch" which is basically getting frame advantage and then launching you for a mini-combo, or they can take the risk of you holding them to go for more damage.
It's important to know the Triangle System since your throws are what's going to be keeping people's holds in check. If you focus on combos too much, especially keeping your opponent in stun too long, you'll eventually be interrupted by a hold.
Backdash cancel is in the game, but it's like SC backdash cancel (44-214214214...) You can wavedash, but you don't
need to. Moving isn't a complete pain like Tekken. Freestep (sort of like 8-way-run) is fairly effective for moving around the arena depending on your character.
It's a weird little game but the rules are consistent so you can indeed skill up. The game forces you to get in the other guy's head, so playing it will probably make you naturally better at reading or analyzing opponents on the fly.
Really the only thing is if you like the characters or not. I'm not crazy about half the cast (lot of girls with bad attitudes...) but if you like someone you see, you should probably go for it.
There's a bigger community on Xbox, too.