Story: It's plot is almost non existant and it's just an excuse to show fights, fights and more fights. It can be summed up by saying "an evil organization goes after the participants of a martial arts contest, and then the participants join forces and suceed at defeating the organization" without missing any important detail (and it's not a spoiler becuase it's totally predictable).
Animation and sound: Despite being the strongest point of the OVA, the animation was mediocre. The music is pretty much forgettable.
Characters: As you can imagine after reading the story part, the characters lacks any development. It's like if they didn't care developing the characteres at all and just focused on making an excuse for making them battle between each other.
Overall: Everytime you hear that some studio made an anime based on a fighting game you expect it to be bad. Battle Arena Toshinden is not an exception. The only "good" thing about it is that it can get rid of people's insomnium, because it's so boring that it'd make you fall asleep before you were able to finish the first OVA. Don't waste your time with this and watch something else, there's a high possibility that you'd find something better than this crap.