A free to play version will be available for download on the Playstation Network Store in Japan on November 22.
Here is an overview:
Playable characters can be purchased individually for unlimited use in their “Basic Set” for 800 yen. Additionally, that character’s “2nd Form Set” and “4th Weapon, EX Weapon” can be purchased for an additional 300 yen and 100 yen, respectively. The 4th Weapon and EX Weapon can also be equipped to free-to-play characters during their usage period, if the character is compatible with said weapon.
Sounds similar to Killer Instinct's model.
I will definitely download this and try it out again.