The Japanese magazine Famitsu has stated that the character list for Project X Zone is not final. There is lots of characters that have NOT been announced including some hidden ones. Characters in the game will fight as teams. For example Ryu and Ken from Street Fighter will be one team and Jill and Chris from Resident Evil will be another team. This will lead to awesome signature combo moves in the game.
the game is so far 50% completed and is scheduled to release in Japan sometime in 2012.
Here are some of the screenshots know so far:
A LOT OF MORE PICTURES AFTER THE BREAK!!!!