No graze? What happened at 0:54 with Marisa and Reimu's bullets then?

Your claim of custom combo mode is difficult to ascertain.

What's wrong with no floor and free flight?

You're sure those moves you claim to have no recovery time supposed to have recovery time? Are you sure other moves haven't been given recovery time and we've simply been given a "faster, more intense" sequence of combos?

Whiffing is problematic if players are as mobile as they appear to be. One bad whiff and you could spend the rest of the game in a corner. It's harder to break out of a bad position if there is a combo-everything system, and it's also harder to get and keep an upperhand if players are more mobile.

>timer
The objective is victory, not glorious battle.

Or heavier bullets trash something when you graze them (spirit bar or something like that? A few bars were moving simultaneously).

A lot of moves seemed to come out faster too, like Reimu's flip-kick.

Genres quickly give users a rough idea of what's to come. I expected a fighting game and saw two people fighting with some pokes and bullets and combos. I'm satisfied.

If you're talking about around :40-:50, I don't see much wrong. After Marisa's twirly thing that Reimu blocked (if startup times are faster then Marisa simply reacted too slowly), was the move you're saying didn't punish as it should have, it did in the end give her a lot of breathing room since both flew to each side again.