The project is a collaboration between Capcom and Singaporean fan Seow Zong Hui who presented the "the skeleton of SFxMM" during EVO 2012.
Street Fighter X Mega Man takes on the classic 8-bit look featuring some of the famous Street Fighter characters like Blanka, C. Viper, Chun-Li, Dhalsim, Ryu, Rose, Rolento, Urien and is said to have a "secret final boss".
The game is a meager 33.8 MB zip file. Capcom-Unity's website is already swarmed with eager fans wanting to get their hands on the game that download time is at turtle speed.
I have uploaded the game on my Google Drive in case you would like to try a different download source. Check it out here.
UPDATE: Version 2 is now out! And here's an alternate download link.
[Mega Man group page - Capcom Unity]