This looks awesome.

I wonder how the fighting will be though. I always thought of Street Fighter as a fast paced fighting game with the ability to use long range attacks and Tekken as a more slow fighting style, where you need to get close to your enemy to dish out the damage.
Edit:
Originally posted by another user
There will, as rumoured, be two separate fighting games; one built on the Street Fighter engine and another on the Tekken engine. The rumour stated that the games would be called Capcom vs. Namco and vice versa, which was slightly off, as the games are called Tekken X Street Fighter and Street Fighter X Tekken, utilising only characters from those two franchises.