I got the game on PS3 and Vita a week ago or so, day 1 editions. Pretty sweet game, graphics look great, combat is pretty fun and good amount of characters in the Colosseum. I think Unlimited Adventure was better in some ways but worse in others though. I thought Unlimited Adventure's areas were better and much bigger and offered more exploration, Red seems kind of small and short despite looking so great. I do like that the difficulty doesn't seem as hard and less focus on crafting stuff so thats nice. Move sets are kind of small too compared to Pirate Warriors 1 and 2, but thats how the Unlimited Series usually is.
I love the Colosseum mode though, just beat it the other day and unlocked everyone. I love playing as Doflamingo and Fujitora, 2 of my favorite characters. Doflamingo is so freaking overpowered though and so is Whitebeard, its nuts. Fujitora is pretty OP too once you get around his slow speed and get used to him.
I am also really loving the cross save on PS3 and Vita. Its really nice to be playing on PS3 and then like last night getting called for a bonfire at a friends house and take my game save on to my Vita and play it over there.