I'm actually not certain I noticed a difference between this and regular 4. Ok, there is the new tournament mode, that let's you fight an infinite number of people as you try and improve your ranking. And I can see how not having specific user profiles isn't bad, juggling the profiles on 4 was a little annoying. But one of the things I liked about 4 was the train an AI mode! However, it did take up a lot of memory card space, and I can understand how that would be a niche feature less people cared about.
Anyway, graphics and gameplay are nice. I'm a tekken expert, but I do appreciate the complexity of manuevers that are available in virtua fighter. On the whole, a generally satisfying fighting game, but one that tends to see less use for me than others such as Soul Calibur and Tekken. Really a matter of personal taste however.