Besides having additional characters appearing on the console versions as reported earlier, an article from Game Informer has further confirmed that the game will also feature online versus play with the option of watching online matches, recording and posting your own battles for the world to see.
Furthermore, you will also be able to gather a group of players and create a room for team battle! For purists, both Japanese and English language dialogue options will also be available.
Before the game releases on our consoles though, here’s some screenshots from the Xbox 360 version (click on the images for the larger versions):
The King of Fighters Online 
man im loving this game, long combo strings via the critical counter, the parry things, just looks awesome…
sf4 lacked awesome long combos, not to mention a good online service, no lobbies, it sucked ass..
i think when this comes out imma stop playing sf4
Talking about SF4, it has pretty good character balancing, but unfortunately it’s online component is ready bad… Still waiting for the release date for their Championship DLC. Read from their official blog that they have already submitted to MS/Sony for verification before release.