I'm a little disappointed if it's just EX Kyo and Shin Mr. Karate. I was hoping for... well just about anyone. Vanessa, Nameless/K9999, Angel, Lin, Yamazaki, Gato, Rock, etc. Any of those choices would've been better but...
If it's EX Kyo and he's based on his XI incarnation then what's the point of using Regular Shoto-Styled Kyo? Flame-less Iori is pretty different compared to 98 Iori, so I don't see the point in EX Kyo. Mr. Karate could be interesting if he's based on his SVC form, but obviously nerfed to be playable.