http://www.famitsu.com/news/201204/12012868.html

In as much English as I'm told, this is some sort of multi-license battle game on the 3DS. Looking at the screen shots, I'm inclined to believe this game will play something like Namco X Capcom or the SRT OG Saga: Endless Frontier games.

Characters confirmed so far
Capcom:
Ryu and Ken (Street Fighter)
X and Zero (Mega Man X)
Dimitri and Dante (Darkstalkers) (Devil May Cry)
Chris Redfield and Jill Valentine (Resident Evil)

Sega:
Sakura Shinguji and Ichigo Ogami (Sakura Wars)
Akira Yuki and Pai Chan (Virtua Fighter)
Kurt and Reala (Valkyria Chronicles 3)
Cyrille and Toma and Ulala (Shining Force EXA) (Space Channel 5)

Namco Bandai:
Sanger (Super Robot Taisen OG)
Jin and Xiaoyu (Tekken)
KOS-MOS and T-elos (Xenosaga)
Yuri and Estelle (Tales of Vesperia)
Kite and Black Rose (.Hack)

Syd Lexia wrote:

Why do you have most of the characters paired up?

It's the way my source had it.

TARDISman wrote:

Last I checked this was in fact a tactical RPG, not a beat em up.

Is that what you'd classify a game like Super Robot Wars: OG Saga: Endless Frontier?

Some more confirmations:
Frank West and Hsien-Ko


Zephyr and Leanne from SEGA's Resonance of Fate


Alisa and Soma from God Hand.

Alright, here's another wave of confirmations (from http://www.rpgamer.com/news/japan/mb060112.html#4 ):

Valkyrie (Valkyrie no Bouken)
Bruno Delinger / John McClane (Dynamite Deka / Die Hard Arcade)
Erika Fontaine and Gemini Sunrise (Sakura Taisen/Wars)
Morrigan Aynsland (Darkstalkers)
Harken Browning and Kaguya Nanbu (SRTOG: Endless Frontier)
Chun-li (Street Fighter).


"This game uses something called the Cross Active Battle system, showing once again that Bandai-Namco likes putting new names on things to make them seem cooler. Battles begin with a transition onto a combat field, and the cursor pad and A button are used to make different party members attack in combination. Well-timed support attacks can trigger "cross hits" that make it easier to set off big combos. Enemies can be thrown into the air, increasing the likelihood of landing criticals. Finally, back row characters can be called in to pummel the enemy with extra hits. It sort of sounds like a variation on the Endless Frontier battle system. In fact, looking at the video below (battles start at the 1:00 mark), it looks a lot like EF."

The-Excel wrote:

John McClane? How did they get the license for that one? Also Gemini Sunrise. I need to get that started up again.

From the wiki:

Die Hard Arcade is the licensed North American, European and Australian version of the Japanese video game Dynamite Deka (ダイナマイト刑事?). The game is a beat 'em up licensed from the Die Hard movie.

The hero (named Bruno Delinger in the Japanese version) resembles John McClane, but the plot has nothing to do with the movie's (in fact, the license was purchased when the game was essentially complete for the North American, European and Australian releases).


tldr; Die Hard Arcade got the same sort of treatment as Super Mario brothers 2.

On another note, I just noticed that Jill is from Revelations since she seems to pull out a GENESIS scanner.

Another character update courtesy of rpgamer

http://www.rpgamer.com/news/japan/mb062912.html#6

Two new original characters both with roots as far back as the Sengoku Jidai.

Then there's Arthur from Ghosts & Goblins (who seems to recognize the name of Dante's dad from somewhere...).
Devilotte de Deathsatan the Ninth, who hails from the Cyberbots series of fighting games.
Imca from Valkyria Chronicles III.
Rikiya Busujima from Zombie Revenge, a beat 'em up fighter game for the Dreamcast.
From Tales of Vesperia comes Flynn Scifo, master swordsman.

Alright, just a bit of an update for the roster as well as the confirmed Japanese release date of October 11th.

Kogoro Tenzai & Mii Kouryuuji Original Characters for the game
Chris Redfield & Jill Valentine
Dante
Morrigan Aensland, Demitri Maximoff, Hsien-Ko
Ryu, Ken Masters, & Chun-Li
Chun-Li & Morrigan Aensland
Mega Man X & Zero
Frank West
Kurt Irving & Riela Marceris Valkyria Chronicles III
Ichiro Ogami & Sakura Shinguji, Erica Fontaine & Gemini Sunrise Sakura Wars
Akira Yuki & Pai Chan Virtua Fighter
Toma & Cyrille Shining Force EXA
Zephyr & Leanne Resonance of Fate
Yuri Lowell & Estellise Sidos Heurassein Tales of Vesperia
Jin Kazama & Ling Xiaoyu Tekken
Kite & BlackRose .hack
KOS-MOS & T-elos Xenosaga
Soma Schicksal & Alisa Ilinichina Amiella God Eater
Haken Browning & Kaguya Nanbu Endless Frontier: Super Robot Wars OG Saga
Reiji Arisu & Xiaomu Namco × Capcom

Solo Units
Solo Units in the game can be attached to Pair Units and act as assists.
Lady Devil May Cry
Tron Bonne & Servbots Mega Man Legends
Arthur Ghosts'n Goblins
Devilotte Cyberbots
Imca Valkyria Chronicles III
Ulala Space Channel 5
Bruno Delinger Dynamite Deka/Die Hard Arcade
Rikiya Busujima Zombie Revenge
Bahn Fighting Vipers
Flynn Scifo Tales of Vesperia
Sanger Zonvolt Super Robot Wars: Original Generations
Lindow Amamiya God Eater
Valkyrie from Valkyrie no Bōken: Toki no Kagi Densetsu

Cameos
Some Solo Units summon other characters as part of their attacks:
Ulala summons: Opa-Opa from Fantasy Zone, Harrier from Space Harrier, and Scooter from Alien Storm.
Devilotte summons: Mobilesuits α & β from Side Arms Hyper Dyne and Blodia from Cyberbots.

Villains have finally started appearing in media for the game

Zabel Zalrock aka Lord Raptor from Darkstalkers
Vile from Mega Man X
Valkyria from Valkyria Chronicles
Ciseaux from Sakura Taisen/Wars 3

http://www.rpgamer.com/news/japan/mb083112.html#5

Fixed so it'll take right to the section.

JoshWoodzy wrote:

Is this even coming to the US? This seems like something that would never come to the US.

I have my hopes up that it will, that's all so far. Below is one of a total of 5 preview movies Namco is putting out for the thing.