I'm with Wombat on his SoulCalibur V review. It is a fun game with some of the most impressive visuals of this generation, but the story mode is ass. However, I did like the character creation on this game. Sure, you don't get to choose your individual moves like in a wrestling game (and I can see why that could be a problem in a fighting game), but the level of character customization is pretty in depth.
The core gameplay mechanics are the same 8-way-run style from the previous games, but they made a lot of changes like a pretty useful sidestep feature, more responsive blocking, better defensive options (no more awkward parrying!!!) and new EX and Super moves - as well as some minor tweaks to the character move sets (goodbye, Critical Finishes!). With that said, I think the game feels way more streamlined and accessible than SoulCalibur III and IV - which is great for those of us who love the original SoulCalibur and SoulCalibur II. Also, the game has one of the best online components you could ever find in a current-generation fighting game. The lobby system is great, the netcode is amazing, and you can even create rivalries by selecting other players from all over the world. This means that whenever you get online, the matchmaking system looks for those players you have marked as rivals and then you have a bigger chance to face those players online, which adds to the whole competitive aspect of the game.
The game feels a lot more balanced and fun than SoulCalibur IV, which is awesome because the only good thing about Soul Calibur IV was the tower mode. Still, it could have benefited from a better story mode - like having a short storyline for each of the characters, or maybe integrating all the cast on the storyline instead of focusing on a handful of characters. Anyways, it is the best Soul Calibur that has been released since SoulCalibur II, and while we could say that Mortal Kombat 9 raised the bar for storytelling in fighting games, SoulCalibur V has laid out what should be the online standard for all future fighting games.