Actually no it's not. There's no weird-ass limit-break type powers, light-speed-moving, huge releases of energy etc. Just hitting things with an axe really REALLY hard.
The stat-buffs, movement tricks and elemental blows are actually a lot closer to Option 2 (at least the way I interpret it), and that way the fighters get the equivalent to Anime-style powers, only in this case they're somehow Western because they originate from "magic" rather than Ki or some equivalent energy source. That's a difference of semantics rather than content.