his/her/it's second color is roxy.
the point of the game is that they are trying to bring out some characters that you wouldn't expect to see, as well as giving nods to universes that weren't represented in the official MVC, and then mix them with the fan favorites. That's why you see some odd choices like morph and sunfire in there mixing it up with guys like the sentry and protoman.
I think the plan is going to be to eventually have everyone from MVC2, plus all the new guys they've been making, but right now they're concentrating on all the new guys mostly. They're going to impliment a legit tagging system and everything when it's all done, and some of the characters that they've made are really unique. Playing as the green goblin is a blast with the glider.