I'm going to try to end this once and for all....
The reason why VF5 kept the square rings is because... THAT'S WHAT THE JAPANESE PLAYERS WANT.
Since VF3, the majority of the Japanese players preferred the standard size ring. The uneven grounds and stage layout made it sort of unfair depending on which side you were on, and other such factors. This is why VF4 went back to the square rings of VF1 and VF2. So stop whining about lack of variety in stages, it's pretty much set in stone now with the square ring.
In terms of art/costume/look of characters, it's a tradition for VF to keep the same look for all the characters. Too bad, no skin tight jump suits with glowing hair bands. If you care about having your characters look different, then the final game will include 3 additional costumes, each of which can be heavily customized to look different. Believe me, give a few months after the game's debut, we'll be seeing all kinds of outrageous looking costumes and customized accessories on all the characters.
The game is running on high definition AND in wide screen. I thought people have seen the pictures of the actual cabinets? For what reason Sega released those pictures in weird resolutions I will have no idea.
At the last location test, the game was less than 50% done. El Blaze, especially, was completely unfinished in terms of animation. This is why one of the new characters was even not selectable. By the next location test, I'm sure there will be nothing wrong with El Blaze's animation.
I'm gonna keep my mouth shut about all the info that will come out, but like what Sp0rsk said, it's gonna have a ton of new stuff. Not only gameplay wise. If you are keeping track with VF5 info so far, you would know alot of emphasis is placed upon the new VF.net.