I haven't played it online yet, and I'm not a big proponent of online fighting game play. But sitting around with my friends playing it last night it was pretty fantastic, because we're all big Soul Caliber geeks and don't treat it like Smash Brothers... If that's the case it looks like I'll still be avoiding online play. I'm in full agreement with Yahtzee in that 360 is full of hooting dicks that have no idea what's going on.
I like the new armor break system, and aside from looking really cool when someone's helmet breaks off and the like, it adds incentive to actually aim your attacks instead of button-mashing like a fiend (Maxi).
I'm a Yun-Seong guy myself, and they did change a few of his moves around, but nothing drastic. They took out a lot of the cheapness of Ivy and Raphael as well.
Anyway, I agree it's not the best, but it's much better than SC3 which I thought was really crippled when compared to the SC1 or 2 fighting engine.
Yeah, it's no Virtua Fighter, but it's the first fighting game in a while I've been excited about getting home for so I can play.
One other thing is that Yoda is kind of terrible, and I'm pretty apathetic towards the whole Star Wars characters thing. The 5 new bonus characters are really cool though.
What I'd really like is some DLC that doesn't suck.