Kratos should be central.  I'd say he's more recognised than Drake & Sackboy, who are the only two I'd argue a case for.  Certainly not Jak or Ratchet, as much as I love them.

Also yes, the cover should probably be improved.  But I'm getting this bad boy:

So all is alright!

Maybe they thought that Sony simply don't have that many famous characters. I mean just look at these who made it onto the boxart. Fat Princess? Is that a famous character. I don't think so.

And to have a Helghast soldier? That's questionable.

And there's a cartoon character in the right bottom corner of the right boxart that I don't recognize.

I like the EU box. More eye catching, and might appeal more to the younger crowd.

Apparently it is Parapper according to Bristow. Never heard of him.

He in children's games?

Or in Singstar??

I just don't think anyone is going to walk into Walmart and buy it on a whim. This game appeals to a select niche. Fans of both Sony and fighting games. There's plenty of Sony fans, but are they all fighting fans. And while the success of Street Fighter 4 shows a continued fan base of fighting games, are they all interested in a Sony mash up? Time will tell, but I expect the sales to be front loaded. The hardcore Sony-Fighter fans will preorder or buy day one, but even if it's the best fighting game on the PS3/Vita I just don't see it having the kind of appeal that casual purchasers would pick it up based on it's cover.

I like it...

Yeah, better box art couldn't hurt.

They look so bad to me.

too much leg in the EU boxart...makes Kratos look weird. And i agree with the OP, when did Kratos become Sony's mascot character? The US boxart is much better but even that one isn't good.

But hey, at least they aren't ripping off Smash's boxart :P

NA no EU yes.
The back probably shows the rezt for the NA version. But the EU is Horrible