If the game is already that far along they'll probably be revealing characters very quickly and very often (if it's a big roster, hopefully). I need that Nightmare trailer asap Bamco.
I'm really curious where they're going with the story. The flashback in the middle of the trailer shows clips from III and V so they aren't pretending V didn't exist. If that's the case I think it's possible anyone from V can come back.
The story mode is like food that didn't cook long enough. If they had all the time they needed I'm sure all the characters would be involved and it would be all cutscenes instead of storyboard art. I hope they continue to work on the story because if this is how they intended it to be then...