Setting
While no details of the story have been revealed yet, it was revealed in the January 2008 issue of EGM that the game will take place in between Street Fighter II and Street Fighter III making it (storywise) a sequel to the former and a prequel to the latter.
In the same issue, Ono hinted that Ryu and Ken's master, Gouken, might be featured in the game, after mentioning EGM's infamous April Fool's "Sheng Long" prank about Street Fighter II and III—Sheng Long was once assumed to be the name of Ryu and Ken's master, due to a mistranslated win quote said by Ryu in the original Street Fighter II.
Characters
On the character roster, producer Yoshinori Ono has commented, "It isn't finalised yet, but we're trying to use all the characters from Super Street Fighter II Turbo, and we're obviously cooking up new characters as well." A number of classic characters will be returning, with re-imagined designs and new special moves. All eight of the original "World Warriors" have been confirmed to be appearing as playable characters.
All the characters announced so far, including the original SFII cast and newcomers Crimson Viper and Abel, were playable in the game's demo build at the AOU Amusement Expo 2008. As of February 2008, location tests showed Balrog and Sagat as bosses in the game, one after the other.
While characters specific to the Street Fighter Alpha series or Street Fighter III have not been announced, Yoshinori Ono stated that characters such as Sakura or Ibuki could appear in console versions of the game if or when such versions are developed.