They ran some stuff on it at Tokyo Game Show, IGN gave it a little spotlight. It's apparently got 25ish characters now while removing second form characters (Sharingan Kakashi/Sasuke, Kyubi Naruto). Instead, this will be accessed the same way Rock's second form is accessed, pressing down and X. Characters are going to be deeper developed, which this I imagine means that everyone who has a second form (Neji going to Byakugan, for instance, or Gaara summoning his inner beast) will be able to call it forward. Characters will have two specials, regardless of a second form. Jiraya and Tsunade are definitely in it, as well as Kabuto I would imagine. I think a 3 on 3 mode is going to be added as well, that could be weird. It works like King of Fighers does, apparently.
The article is up at http://cube.ign.com/articles/551/551...html?fromint=1 , although there are no pictures of it. If anyone happens on some links to any Japanese shots with screens or anything else full of GCN goodness, feel free to post it here.