More extensive gameplay videos have since been released. There are two videos, one showing off just the Street Fighter and Final Fight characters, and the other showing off the Tekken characters. For the most part, everyone looks to play as you would expect them to, even the ones transitioning from 3D gameplay into the 2D gameplay of the new engine.
Poison is the outsider here, not really having much to base anything on except the little-mentioned Final Fight Revenge. She looks capable though, appearing to sport a pretty nasty juggle game, and a slow-moving projectile that is shown to be capable of setting up some tricky combos.
A variety of stage backgrounds are shown too. Some of them have obvious nods to either one series or another, such as E. Honda's face on the back of a semi truck in one stage. One stage has a character dressed oddly similar to Street Fighter III's Ibuki, and another seems to be a nod to Dino Crisis. All in all, the ones shown look nice, and have an impressive amount of movement going on in the background during the fight.
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destructoid's previous coverage: Street Fighter X Tekken