The most recent Guilty Gear was Xrd - Revelator on PS3, PS4. It's easily one of the best fighting games ever made, from a visual standpoint. it's a little slower than X2/XX games but it's not slow by ANY stretch of the imagination.
I can agree with a lot of what Callis said. Soul Calibur 5 is a pretty divisive game in my experience but I enjoyed it for what it was even though my main got bastardised into two shit kids (Pyrrha and Omega). Tekken stopped appealing to me much after 3 because Jin ended up being a totally different character after losing his Mishima moveset and Devil Jin just wasn't the same. When people started to grasp the meta of UMVC (Vergil, Doom, Zero, Magneto, Sentinel, etc.) then it became just a worse Marvel 2, and it's pretty well known how utterly imbalanced Marvel 2 was... I got into DOA pretty late when 5U came out and started playing it casually just to tide me over between releases. I actually got hooked on the game pretty quickly, maining Marie Rose, and have been bringing it out for couch matches to positive response from my friends. If they toned down the OTT nonsense (just leave that to the Xtreme Volleyball games, guys...) then DOA would be taken a lot more seriously. ...that doesn't stop me buying all the skimpy swimsuits for muh gurls though.
If you're looking for fighting games that are new-ish and worth time investment, I'd say Skullgirls 2nd Encore is definitely a good pick. Kind-of a 6 button Marvel but a lot less insane. Really vibrant art style, phenomenal sprite work and animation, really cool character movesets. Blazblue is kinda similar to Guilty Gear on a fundamental level but it's a lot, and I mean a LOT, more matchup oriented. Every character has some bullshit gimmick you need to learn or you get worked by them, which is a pretty common turn off for people who otherwise enjoy ArcSys fighters. The "story" is a jumbled up mess of anime tropes and technobabble terminology that really makes no sense, the character designs are a lot less inspired than their Guilty Gear predecessors, and the movement is a little stickier and more restrictive than you'd be used to coming from Guilty Gear. Persona 4 Ultimax is really solid, but it suffers from "You Really Need to Enjoy Persona To Enjoy This-itis" because it is straight up a "canon" sequel to Persona 4/the Golden. Going in blind kinda drops you in the deep end as far as story and character attachment goes, while also completely spoiling the entirety of Persona 4 itself. If you ever EVER plan to get into the Persona series, i'd give Ultimax a reluctant pass until you play 4 (and to a lesser extent, 3) to completion otherwise you deprive yourself of one of the best JRPG stories ever made. I hear good things about Under-Night In-Birth EXE: Late (UNIEL) but I haven't personally tried it, as I stated in my above comment, so I can't give a personal recommendation for that one.
And to pitch in on your last point, I agree... to an extent. Yes, getting touch-of-death'd sucks. In most games where it's a thing (lookin' at you Mahvel 3...) however, it's never actually a 1 touch = round over because you have 3 characters and, because Marvel 3 is stupid, losing characters makes you stronger thanks to X-Factor... Long combos are not inherently a bad thing. Taking your example of KI, everything in KI is readable and reactable. it's a game that encourages observation and learning how to read your opponent so you can breaker (and counter breaker) them to shift momentum, similar to the Guard Impact system from SC2. The lockout mechanic punishes you for making (wrong) guesses by giving the opponent risk-free combo time. A system like that rewards you for good understanding of your character because you can't just do the same B&B combo over and over or you'll get breakered constantly. That's what keeps KI interesting to me. When two REALLY good players go head to head, it's very entertaining to watch because the game becomes a back and forth of will he breaker, will the opponent counterbreaker the breaker, will he bait the counterbreaker by stopping the combo, will the opponent punish the bait by popping Instinct and DPing or jabbing, and so on. While I will agree that watching long combos doesn't teach you anything as a player (whether you're on the giving or receiving end), I don't think they are a major turn off because they're not super widespread (see: SFV, continuing the trend of Street Fighter having relatively short but precise combos). ArcSys fighters appeal to me because they have both long and super fluid combo systems while also having the burst and alpha counter systems to help you shift momentum and make a comeback.
Fighting games have been making leaps and bounds towards better tutorialisation geared towards getting people into the genre. Guilty Gear Xrd SIGN had a phenomenal tutorial, and Revelator only IMPROVED from there. Skullgirls is another standout for teaching a lot of character specific stuff that is helpful when learning a new character or trying to work out matchups. These are baby steps toward getting more people invested in the genre and I hope that more companies continue to improve on it.