BlazBlue
A product of the Guilty Gear team (as if you couldn't tell), BlazBlue is confirmed for release on the PS3. A 360 release is also pretty likely.
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The game features a smooth 720p resolution and some seriously wild character designs. Sprite comparison betwen this and Guilty gear X2: [url=http://i3.photobucket.com/albums/y86/Dragon17013/attachment.jpg][link][/url]
Screenshots, info, etc.: http://www.blazblue.com/
King of Fighters XII
The first KoF worth noting since, like, pre-2000 promises to be another visual stunner for fans of 2D fighters. Not only do the sprites no longer look like an SNES port, but they retain KoF's level of 2D detail and fluidity. Count on this becoming a PS3/360 title.
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Looks ready to beat the crap out of Street Fighter HD Remix.
Some screenshots (Japanese site): http://www.famitsu.com/game/news/1214186_1124.html
I hadn't heard of BlazBlue until now and it looks pretty solid. Besides the terrible name anyways.