One big thing at least is what Gray had already stated, although my reasons are probably obvious for this. Myself at least at one point being the one of the ones who most disliked strategy matches.
Bit cautious on the Light/Dark pathes myself still, will depend as to how easy it becomes for them to advance tiers or not however, but they seem a bit overly strong (and the First rank light warrior at a distinct disadvantage to the first rank dark warrior because of the ability to choose and set the flags and type of match).
I'm also a bit cautious/wary of the rather large ramping of power at each level (the honored may also verge on being overly powerful with the number of sig styles, sig mods groups, and FoF... I guess I kinda dislike the potential there for a fighter to get 6 points a round but then again I had similiar potential before the reset, although it was alot more rare (4 hit)(1 in 29167 or so, although I suppose slightly higher (1in35 of chance of gaining an additional 1in2 chance of getting another 1in50 chance) and depended on an item. But those concerns remain a while until I can see other fighters and how they fair. And while the villain does have more poison blades, the two Fists of Fury paired with the Honored fighters 3 Masteries can create produce one FoF move pair that can generate at least 4 hits and another with 3, assuming their first wins. But again, would really need to watch it in practice and actually see someone get to those levels again.