If you want online, get the 360 version, but whatever console you play it on, it is a spectacular fighting game.
Story: The story isn't really explained in the game, so you'll have to look it up. The organization Judgement 6 is holding yet another fighting tournament for our beloved combatants. Every character has a different story. Some of them are going after Judgement 6 directly, some are looking for someone or something, some are looking to defeat or kill certain fighters, and one of them has a terminal disease. There is a story in the game, but it's not a big concern.
Design: As with most fighters, you're going at it mano y mano with other fighters in an arena. The thing that makes this game special though, is that the fighting is just very realistic. The characters react differently depending on where they're hit, there's not really much juggling in the game (Yes I'm talking to YOU, TEKKEN!), and the movements that the characters make are realistic. This game gets some extra points just for being realistic in the fighting. On top of everything else, you can even use the walls to your advantage with specific commands. If you're up against the wall or fence, you can make jumps off of the wall or throw your opponent into it behind you. Sounds fun doesn't it? This is the most realistic fighter I've played to date.
Gameplay: This is one of those games where you absolutely HAVE TO KNOW WHAT YOU'RE DOING. If you're a first-time player, go to Command Training, pick a character, and do all the moves that character has and do your best to remember the best ones. Every character has an expansive moveset and they all play differently. Some are fast and furious (Kage, Lei-Fei, Jacky.), some are more fluid in their movements and abilities (Aoi, Pai, Eileen.), some can grab you and throw you all over the place (Jeffry, Wolf, Goh.), and some have an abundance of powerful moves (Akira, Lau, Goh again.) I used to play as Kage-Maru, the ninja. He has a lot of fast moves and combos. He's very fun to play as due to all of his jumping around and crap. Now I play as Goh Hinogami, the brutal assassin. He's a heavy hitter, one of the more difficult characters to use properly, but I have no trouble kicking serious ass with him. He also has a lot of grabbing moves. He can be really fun to play as if you get good with him. I've played as other characters too, Jacky is a very fast character, Aoi has a lot of fluid movements, Brad Burns, the Muai Thai Boxer, has plenty of useful attacks and combos, and ducking and weaving and what not. Akira Yuki, I personally think of him as a boss. He's a very balanced character, but very powerful. I can imagine getting hit by Akira would be the equivalent of getting hit by an 18-Wheeler. The bonus stage boss in arcade mode, Dural, holy sh!t. Dural will beat the living crap out of you. She will juggle you in the air until half of your life bar has disappeared, then finish you off with another ridiculous combo. I've never beaten Dural, though I will someday. Someday...
Presentation: This game is BEAUTIFUL. The backgrounds are, just, lovely. I think a couple times, I actually got beat up because I was too busy looking at the backgrounds in the game. The music in the game perfectly complements the stages. The entire soundtrack is great. Now let's talk about the voice acting in the game. Most of it is fine, but there are some things that bother me. I could be wrong, but I swear that the voice actor for Kage is the voice actor for Akuma from the Street Fighter games. Jacky Bryant's voice is fairly annoying, but it's not too terrible. The voice actor that really bothers me is Lion Rafale. His voice is so annoying that I feel happy and accomplished after breaking his leg in three places. So in short, the game looks great and (mostly) sounds great.
It's an extremely well done fighter and anyone that enjoys fighting games should play it ASAP.