My thoughts:
I didn't see any reference to Joe or Dan being in the game even though they're going to be in CVS Pro. They'd BETTER be in CVS2 <IMG SRC="smilies/frown.gif" border="0">!
Morrigan still looks like crap compared to the other characters. I hope they fix this. Actually, I hope they remove her to make room for Ibuki or Alex, but there's not much chance of that happening, is there <IMG SRC="smilies/smile.gif" border="0">?
Looks like most of the characters from the SF side are still sprite rips from the Alpha series. I like the Alpha series graphics, but you'd figure that they would redraw all of the characters, not just Ryu, Ken and Akuma, for this momentous occasion.
Don't know if I like the S-Groove having a dodge option. I'd prefer the roll over the dodge myself, but I guess if I want that I'll have to play Capcom Groove if what we've seen so far is any indication of how things are going to go. I like that Capcom Groove and SNK Groove are now a little closer thematically to the Advanced and Extra modes of KOF, but I would still like both modes to roll. No mention made of dashing either. I hope it's a part of the normal gameplay and not an option you have to unlock like in the first game.
I hope they include a Neo-Geo Pocket Link option, or at least the option to use your CVS memory file to contribute points towards the unlocking of features in the new game. Because you know they're going to be there <IMG SRC="smilies/wink.gif" border="0">!
Nothing about character specific ending sequences either. I hope I hope!
It still looks like a work in progress, but it's promising. The choice of Maki is an intriguing one, and as I'm a big Guy fan I really hope her gameplay is similar enough to satisfy my need to put the Bushin mojo on peoples' asses this time out <IMG SRC="smilies/smile.gif" border="0">. Ryuhaku Todo is an interesting choice because it's from out of nowhere. I never really begged for this character to come back but if he's fun to play it's all good.