I've played it at the arcades in Japan.
Good game, certainly anyone with a history with SF2 will have a huge head start over everyone else.
The art style is amazing in motion, but when you stop to look at the character models, alot of them are pretty awkward (Ryu in particular).
Though I only had play time with 3 characters (Ryu, Bison and Viper), it felt pretty balanced. It's pretty button mash friendly, I played a japanese dude who was on another machine, didn't realise it until he came up to me and said good game, and it was pretty even with him using multiple moves and me using hadouken and button mashing with Ryu.
I really liked the game, the art style makes it look like the best fighter out there, but I think Virtua Fighter 5 trumps it with the fighting engine, that game is amazing(ly balanced).
I wonder how this game is on a home console with the analog stick/d-pad