Anorhc
Elevar
Sephiroth alone is not going to make or break a game, you can just expect everyone to pick him.
Proof: That horrible game called Ehrgeiz.
*Headdesks*
Honestly, you of all people? Not as bad as others, but you still point to a game in the same way that everyone else is. We have very little idea of what SE would produce in a fighting game, because they've hardly ever made one.
Ehrgeiz isn't a Square game truely. They baught the game and repolished it to carry a few extra games, and some FFVII characters. Dream Factory developed it and NAMCO released it in 1998 for arcade systems. Square baught it to port to the Playstation the following year. Its no more an ambitious move then FFX-2 was. Just something to gain cash.
Likewise, Tobal series was developed by Dreamfactory, and published by Square soft, which became markedly more popular.
The only PvP Brawl/Combat type fighting game that SquareSoft really has any claims to is the Bushido Blade series, which has been known to hold up its known amongst most gamer's like/dislike list.
At anyrate, most people who have reported seeing the game relate it more to a Kingdom Heart style SmashBashSlash fighter.