This is great news! One of my favorite fighting games that I never got the chance to get good at is coming back as a stand-alone XBLA and PSN title. VF5FS is the last update to the arcade versions of VF5 in Japan. Lets remember that the PS3 version is "B" while the Xbox 360 one is "C". After the 360 version several updates ocurred adding new animations, clothes, arenas, balance patches and even a couple of completely new playable characters.
According to Sega, we won't need any of the physical copies of VF5 to play FS, as it's going to be sold as an XBLA and PSN exclusive. It's supposedly coming in summer 2012, a year from now, so I'm VERY excited to know about htis. I'm most likely going to buy it for the XBLA because I have much more free HDD space on my Xbox 360 than on my PS3. I'll post more info as it becomes available on the websites I usually visit.