SoulCalibur V has plenty of the older characters in the mix, but where's Taki? Director and producer Daishi Odashima and Hisaharu Tago explain that with the pushing of the story's timeline forward some 17 years, Taki would have been pretty old for a ninja. They decided that any good sexy ninja would have retired by that age, so they replaced her with an even sexier (and crotch-ier) ninja, Natsu. Taki is still wathcing over Natsu, though, probably constantly scolding her pupil on how her clothing isn't tight enough.
The video interview this came from is pretty interesting in that it gives background on some of the other new characters. It talks about how important some of the new characters are to the timeline. I like newbie Pyrrha, but she's just not as cool as her mom, Sophitia.
Have you got your copy of SoulCalibur V yet? I suck at it but I can't put it down.
Why Did Natsu Replace Taki In Soulcalibur V? [Siliconera]