Thanks for all the comments guys. To be clear I'm not putting down the Hold system, I think it is perfect the way it is now and I wouldn't change it nor suggest holds to be toned down etc. I am asking this because Counter Counter systems have been used in several very successful 3D fighting games (eg. Tekken & the Assassin's Creed series) and I was wondering how this would affect DOA's gameplay mechanics. I'm not throwing random ideas at the wall, this is a system that has been used successfully in fighting games before. But from the responses above it seems that it would have negative effects for DOA.
It seems that the main reason why this wouldn't work is because the DOA Hold/Counter system is a lot more intricate than the two games mentioned above. And so adding this additional layer of complexity would convolute the system and limit the "reward" one gets for using Holds, is this what people are saying?