There really needs to be a third "on the fence" option here. I LOVED the original Soul Calibur; it was one of the reasons I got a Dreamcast. Two and three did a lot of things right between them, although I was never as jazzed about either as I was about the first game. Four really disappointed me in a lot of ways, though. I've been kind of following V and from what I've seen so far it looks pretty impressive. It's cool that they timeskipped and are dedicated to bringing in new characters and taking the risk of not bringing back all the old characters. Fighting looks pretty solid, and the art design so far looks miles better than four's.
I figure what's probably going to happen is a friend of mine is going to get it, I'm going to play it and be like "I need to own this game," and then I'll end up getting it. But as of right now, I don't intend to purchase it at launch.
As far as characters go... I'd be lying if I said I wasn't excited about Ezio. Hopefully he doesn't end up being as unbalanced as their guest characters tend to be. I'm also interested in the new double-ax-wielding Lizardman. Lizardman's always been a favorite of mine. I'll miss the shield, but I can imagine the kind of havoc he can wreak with two axes. And wings, apparently. I wonder if he'll actually be using those things in-game, or if they're just for show?
Also, I really, really, really, can't stand Natsu's design. Thankfully her player 2 costume isn't a sparkly tween diva ninja princess costume. God I f'n hate that design.