At a San Diego Comic-Con panel today, Namco Bandai announced Soulcalibur II HD Online for PlayStation 3 and Xbox 360. According to Shoryuken's report, the game will be based on the PlayStation 2 version of Soulcalibur II. Like the name suggests, player can probably expect heavy online functionality in the title.
Each of the home console versions of Soulcalibur II had a system-specific character: Spawn joined the Xbox roster, Legend of Zelda's Link was in the GameCube version, and the PlayStation version had Tekken's Heihachi Mishima. Licensing issues mean Link and Spawn probably won't be returning for another round. This is a sad state of affairs, as Link was by far the best of the bunch.