http://www.gamesradar.com/us/xbox360/game/previews/article.jsp?releaseId=2006122111543685040&articleId=200705011091666023§ionId=1001&pageId=20070501101117790054
That's the link to the article that deeko got his information from. I like the original sources better usually...
This isn't very surprising considering they have extra time to work on the game. Oblivion looks a lot better on the PS3 than the 360 because of the same reason.
"As we expected, true online play on Xbox Live is off the table, since VF5 requires one-sixtieth of a second precision to deliver the fastest and most balanced fighting gameplay known to man. Current network performance simply cannot live up to that. We do know that the game will be receiving some tweaks over the PS3 version, including better anti-aliasing - to make the graphics look smoother. The game will also get analog control - the arcade version, of course, doesn't use it, but the unresponsive Xbox 360 D-pad makes it a must." --gamesradar
No online...maybe next generation when fiber optic connections are widespread. 1/60th of a second would be about 16ms ping.