In other news,
there's going to be an invitational tourney for Virtua Fighter 3 Team Battle in September.
I know mid-September is still a ways off, but after reading toddhunter's spotlight, I thought it'd be funny to mention that it's a single player tourney - pretty sure that means it's 1v1, but the game lets you pick characters in triplicate, so they could just run it that way as well.
No knocks against the game itself, though - I've always heard good things about the arcade version, and it held up in Japan until VF4 came out. VF hasn't had a team-centric update since then, though, so maybe toddhunter's onto something.