FIGHTER MAKER 2 / Agetec / Playstation 2
The good news: it now has a CAW (appearance editor.) The bad news: it's otherwise as obtuse, limited, frustrating and time-wasting as the original. And the CAW mode is disappointingly limited to boot.
Once again, the game is more "Laborious Fighter Move Editor" than "Fighting Game Maker." You start out with an archetypical character, then edit each of their moves to position each of their limbs during each frame. That's a lot of work to begin with even if the interface isn't obtuse and weird, but when it is, you're looking at a design nightmare.
And what's your reward if you do push through it and make the spastic fighter of your dreams? You can set them up against the six boring pre-fab computer characters, or one of your buddies creations in a two-player match. No other aspects of creating a fighting gamre are present; backgrounds and music are all from generic and limited templates, there's no story and no way to interject one, no cutscenes, etc. They did actually add a credits scroll with a victory fanfare this time out when you beat 6 opponents in "solo mode", but otherwise no ending.
* Gameplay Video