While it does carry the v1.0 tag in the project's website, right now Gonrai says that as of now only the minor basics of the game have been coded, specifically moving Megaman or Protoman.

But the next update should see another gameplay addition - Megaman's and Protoman's bullets, bringing this game even closer to completion.

So what should the full game look like? Here's what Gonrai says (from his project site):

What this project is about is where you ride a platform (either you are Proto Man Or Megaman) by either using the UP and DOWN or TRIANGLE and CIRCLE buttons (depending on which character you are) to move up or down and avoid you're players aposing bullet. Although only 1 bullet is the chance to kill you, which is why to make it easy on you, there are blocks which you must destroy to get to you're opponent.

Mailas G/Gonrai would like to give a shout out to Insomniac for the coding help he's given!