So after watching that trailer...
Ryu - Pirate. (Reminds me of Zoro from One Piece)
Ken - Workout gear from his Alpha 2 ending and has his ponytail back!
Chun-Li - Alpha costume is back!
Guile - General outfit from Capcom Fighting Jam ending
Blanka - dressed like a God. (Think he's supposed to be Tupa.)
E.Honda - Kabuki gear. (Looks scary.)
Zangief - snow gear from his Alpha 2 ending, but has a hat added
Dhalsim - snake charmer
Balrog - vintage mobster
Vega - ballroom dancer
Sagat - dressed like Adon with the headgear, but he has hair!!!
Bison - aristocrat without the hat
Akuma - druid
Cammy - Catwoman
Dee Jay - Jamaican street wear with a rasta hat
Fei Long - business suit with red shades
T. Hawk - barbarian-like
Adon - Too ugly to describe. I really don't know what its supposed to be.
Gen - traditional Chinese wardrobe (looks like something from Romance of The Three Kingdoms)
Rose - formal dress (princess-like)
Cody - orange jumpsuit (a REAL prison outfit!)
Guy - samurai (ala Haohmaru / Mitsurugi)
Dan - dressed like his father (Creepy.)
Sakura - summer dress fit for a picnic.
Dudley - Dr. Watson, even has the top hat!
Ibuki - casual wear from her III fighting intro
Makoto - school girl (she actually looks like a girl here)
Abel - beach wear
El Fuerte - Rey Mysterio with a little cape
Rufus - biker
Viper - professor (reminds me of Kyoko from Rival Schools)
Gouken - Like Adon, not sure what its supposed to be
Juri - ****
Hakan - Not sure, but has a traditional Turkish hat to cover up his horrible hairstyle
Seth - blocky (reminds me of the retro robots)