Any info on the scenario mode?
Is it like BlazBlue? Or is it just cutscenes?
You mean the story mode?
It's similar to BBCP for example in the sense that it's laid out like a visual novel, characters talk and events occur.
The difference in GGXrd is that there is no fighting in the story mode. Any fights that occur are resolved through the story instead of through a gameplay segment like previous ArcSys games.
The biggest change is in the visual presentation. With the move to 3D they have a lot more control over how they can present the story. In Blazblue you'd have some 2D character art on the screen while dialogue occurs. Fights (ones that weren't resolved in gameplay) were represented as the 2D art disappearing for a second followed by some slash sfx and sound effects. During a few scenes you'd have some 2D full screen art covering the screen (usually reserved for important moments) while characters talk and stuff happens.
In GGXrd everything is animated. You have different camera angles, characters moving around and emoting (fights are animated). They're no longer limited to just a few different facial expressions on static 2D art. I can't stress how much better it looks visually because of the move to 3D and what they've done with it.
A Blazblue story mode done in GGXrd's style would be pretty amazing imo. All the new characters (Bedman, Ramlethal, Sin, Elphelt, Leo) get a good amount of screen time and as a result I like them a lot more than I did before.
Overall I think it's ArcSys' best story mode they've made yet.