I got VF5FS for both the PS3 and Xbox 360, the last and more-likely final version of the game introduces a lot of things compared to the Version B (PS3) and Version C (Xbox 360) titles available physically during the last years. There are two new excellent characters, a couple more stages and options to play the old ones and the old characters got tons of new moves.
The game feels more like a Virtua Fighter 6 rather than an update for 5 because there are new modes like Score Attack and Challenge Mode which are very cool for solo play. Quest Mode, which I liked a lot, is gone, so the "simulator" of moving around arcades fighting random artificial humans cannot be done anymore. But the game makes you play online a lot and there are points to be earned to rank up with the "kyu" and "dan" system from before. You can save your replays and even create lobbies and fill them up with strangers and friends to play unranked matches like in DOA2U and DOA4.
The game runs very smoothly online, kinda like DOA4 and Soul Calibur V, the only fighting games I almost never have lag problems with (and DOA2U before them but oh well.... Original Xbox Live now dead and all) so going online to train and play ranked matches is definitely a viable option in VF5FS. Sometimes it's hard to get a good match because people keep repeating the same strings and make some fights boring but I've personally had good luck and found excellent players. The only problem I see is that there's no "Retry" option for the ranked matches so the game forces you to find a new opponent each time a match is over, just like in SCV, but faster.
Virtua Fighter is definitely the deepest fighting game franchise out there and possibly the best. At 15$ (plus 30$ if you want the HUNDREDS of customization items available) Final Showdown is simply a great deal and it's a digital game so there's no need to buy it physically or wait for it to arrive at a store near you. The game is excellent and much much better than the tons of 2D crappy fighters taking up the tournament scene now days. Hopefully and with out help, this game will make the franchise popular among players. I'll be reviewing it during the week