Now I am a Soul Calibur fan dating back to "Soul Blade" on the PS1. I bought a Dreamcast specifically for the first Soul Calibur. I own the the 2nd and now 3rd incarnation of the game and it has not changed that much.
This game is centered around the new content. It has a new story mode which is like a choose your own adventure with no real rammifications. There is a mildly impressive create a character and a oddly placed rts/fighting game that has very little to no connection to the actual game and story. In comparison to SC2, the characters are not as detailed but the backgrounds do look good yet with 18 different stages the layouts get repetative. Finally the AI, even on easy when you are clearing a path easily though all opposition, the computer will through one fighter out the that will tear you to pieces- believe me you won't be able to get off the floor!
Even with saying this, I like this game. The fighting is solid, the AI is good (most of the time). Rewards and unlockables are spaced far enough apart to where you don't unlock everything upfront. This is a solid fighting game, for those fans of the series- good but not mich different. For newbies to Soul Calibur- it is a fun new type of fighting game with alot of depth to offer.