Not a game to be played for its single player. Competitively this game is much better than its predecessor, i.e. much more balanced, more fast pace and rewards execution as well as strategy. Net code much more improved this time with almost no noticeable lag even with mediocre connection. Steep learning curve will discourage newcomers but training mode has a list of basic moves for each character; an hour in training will allow you to master a character's basics thanks to tutorial.
Single player mode is simplified. The story mode is now more than six battles, however the story is incoherent and the plot thin compared to another recent fighting game -- Mortal Kombat 9. The busy work of unlocking all the extras has been removed. Now you unlock them by simply playing the game.
Lack of button config at character selection screen, and lack of controller assignment like in Soul Calibur 4 is extremely annoying when playing offline with friends, when each player has different button configurations or controllers. This needs to be patched.