I played a bunch more last night and went through a number of training rounds to learn the new system. It looks like a few new moves (like running) are tied to the meter, and after seeing how frequently *I* use these special moves, I'm taking a bit of bite out of the drinking game. Just because I'd like to play for longer than a half-hour before going blotto.
Use Combo Breaker -- 1 drink
Use Block Breaker -- 1 drink
Use X-Ray attack -- 2 drinks (you're expected to drink whether the X-ray connects.)
Receive x-ray attack -- 1 drink
Receive the first hit -- 1 drink
Brutality -- Loser drinks 1.
Fatality -- Both players drink 1.
Faction Kill -- Both players drink 1.
Winner -- Add 1 drink to final total.
Flawless Victory -- Loser drinks one shot.
Double Flawless -- Loser drinks one shot and all opponent's drinks, too.