EDIT: To clarify things, I owned Overgrowth a year before it came out on Steam; my Steam playtime is irrelevant.
I make a point not to review games that are in alpha or beta until they're released, but I'll make an exception for Overgrowth for two simple reasons: (1) it's good enough to justify a $30 purchase even in its alpha builds, and (2) I consider it to be an absolutely enormous leap in the slow evolution of fighting games.
When you preorder Overgrowth, you get immediate access to the current alpha build, so you can test everything out right away as the developers add stuff. This alleviates the usual problem with preordering games, that is, putting down money for a product that doesn't exist yet.
The game itself currently boasts some of the smoothest, most fun, most intense combat of any game, ever, and I don't say that lightly. Overgrowth, like many indie games, uses physics as a driving mechanic. When you get kicked, your character reacts dynamically with a blend of animation and ragdoll. When you get stabbed, likewise. Dealing kicks and punches and slashes feels incredibly good -- the combat is fast-paced and frantic. Against more than one opponent, you'll almost inevitably lose unless your opponents are significantly slower or weaker than you, especially in a weapon fight. Since everything is physics-based,
Let's talk about weapon combat for a moment: it's just as fast as the unarmed combat, maybe even faster in the case of the fencing swords and knives. It's one or two hits to a kill, so blocking and dodging is absolutely essential. The fights are cinematic and extremely satisfying (this applies to unarmed fights as well), especially if you hit the slow-motion key (currently tab by default) just as either combatant dies.
The parkour can't go without mention. Though at this point in the game's development, the parkour is its weakest point (momentum doesn't carry while climbing), it's still ahead of many games with parkour elements. Wall-running, wall-jumping, and movement in genreral feel great. Everything flows together without the need for extraneous button-pressing, and when you do press a button, the resulting blended animation is a pleasure to watch. The only bad thing about the parkour, climbing, still isn't bad at all. It's still faster than most games, and still feels better than most games.
I can't recommend Overgrowth enough. You could buy it for the combat alone (setting aside that there's going to be an actual story, with the writer's skill already demonstrated in a full-length comic over at Wolfire's home page). Overgrowth's combat, in my opinion, is the most fun of any melee combat game ever made.