It's on PC. I recommend if for anyone looking for some action. They alternate every week between 7 EST and 7 PST start times to give both coasts a chance to participate.

They stream it as well on twitch.tv/redditfighting

Here is a replay to see the vibe and the commentary https://www.youtube.com/watch?v=bONPqxqLYKk&index=1&list=PLpx8A8bFuneL4isyRbXJ7eC9xBBFTwQCW (my match is at 29 minutes)

I went 1-2. Beat a Rufus with my Guile, then lost to a Hakan on stream (I used Guile and Rufus) and then lost to a Ken (Guile/Rufus again even though Rufus stinks against Ken). The Hakan was tough. I could have beaten the Ken if I wasn't so rusty. All intermediate Kens play the same, and they are pretty beatable with Guile if you are in practice. It's all low-forward, step kick, kara throw, EX crossup tatsu. My win rate is pretty high if I can keep from getting sucked into the kara throw shenanigans. But I was too out of practice to handle it the other night.
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http://i.imgur.com/81XSukd.jpg <-- Happy trails