This is the first SNK game produced for Sammy's Atomiswave Platform. The subtitle "Neowave" comes from the combination of the words "NeoGeo" and "Atomiswave".
Athena's outfit is her King of Fighters 2002 version. Many of the other characters play as their King of Fighters 2002 incarnations.
The character voices from this game are primarily reused from previous games. Mostly from King of Fighters 2002, but also King of Fighters 2001 (Shingo, King, and Jhun) and King of Fighters 98 (Saishyu).
Geese, Kim, Vanessa, Ramon, and the Real Orochi Team are unlockable in the Arcade version vis special cards that you insert into the Arcade machine. Once you acquire enough points from playing the game you can unlock extra characters and even extra colors using this system.
Geese's appearance and stage is based on his appearance in Art of Fighting 2.