Confirmed details:

-Parries are gone
-Will take place before SF3 and after SSF2T (before you complain, remember, DMC's timeline is 3-1-4-2, so this is nothing new)
-Ryu, Ken, Chun-Li, and Dhalsim are confirmed as returning
-Game is literally only 2% done
-The game will keep the traditional SF gameplay (no sidestepping for example)
-In favor of parries being removed, Ultra Combos have been added (long autocombos ala SNK's ranbu moves) and the Revenge meter/system, which is something separate from the usual Super bar (which is still there) that allows you to do cancel combos and EX moves.

I would link to the leaked EGM scans but I don't think it's allowed so I'm not risking getting banned over it.

Just know that the screen with Ken doing the Tatsumaki Senpukyaku is a picture from the very early build of the game, and that the new screenshots in the EGM spread look much, much better.