It's a Street Fighter style beat-'em-up game with hentai pics after you defeat opponents. There seem to be some male characters as well, but I didn't play far enough to see if they had pics as well. The fighting physics are not particularly good. I believe this game is a sequel to the other Hayate title.
Anex86 seems to have problems with the graphics on this game, it's suggested you use T98-Next instead.