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November 16th, 2012 Update: Model 2 Collection will be released on November 28th, 2012. Based on the Japanese Official Model 2 Collection Website and was confirmed all 3 games will be playable online.

As has been leaked last week, Sega released a youtube video confirming five games: Virtua Fighter 2, Fighting Vipers, Sonic the Fighters, Virtua Striker, and Virtual-On will be available on the PSN and the 360 as part of the Model 2 Collection. In the video description (rough translation):

1. Virtua Fighter 2 - The 3D fighting game phenomenon, you can play Version 2.0 and Version 2.1
2. Fighting Vipers - A flashier 3D fighting game introducing armor and wall breaks.
3. Sonic the Fighters - An unique game within the Sonic series of games.

The above three games will each be available for 800 YEN or 800 MSP in Fall 2012. For the Playstation 3, there will be a bundle deal of all 3 games for 1500 YEN.

4. Virtua Striker - 3D football (soccer) game that will be released on console for the very first time.

5. Cyber Troopers: Virtual-On - another revolutionary game that influence the control scheme of other robot games, the game will feature online play. You can also pre-order the Hori Twin Stick peripheral to replicate the arcade control scheme

The price for the last two games are currently not set. Both games are expected to be released early 2013.

According to a Siliconera article, all three games--Virtua Fighter 2, Fighting...

This past weekend, on October 14th, the 5th tournament in the Battle Audition Final Season was held in Nagoya (Tokai region of Japan). To determine the next group of Star Players, the winners of the battle audition tournaments will go through a series of round robin matches with the current Star Player roster at the end of this season.

This past weekend saw the running of Virtua Fighter 5 Final Showdown at EB Expo in Sydney, Australia. While this was the second ever EB Expo held, it was the first time Fighting Games featured as part of their E-Sports lineup which included Virtua Fighter 5 Final Showdown. It was also the first time Australia's best players competed in VF5FS! Continue reading for results and footage of the finals!

Virtua Fighter 5 Final Showdown on Xbox Live is listed at half price for 600 MSP. This deal is for Gold Members as part of Xbox Live Deal of the Week. Let your non-VF friends know that they can purchase VF5FS for less than $10 US dollars!

Xbox Live VF5FS Page / Tips from: Incident and Mister

Updated: October 3rd, 2012

The fourth tournament of the final season of Battle Audition will be in the Kyushu region (southern Japan) with the event to be streamed on VF.TV Live on September 30, 2012, 5 PM JST (UTC +9).. Winners of these tournaments get a special title and will challenge the current roster of Star Players at the end of the season.

The upcoming Ryu ga Gotoku 5 (Yakuza 5) for PS3 will have the arcade version of Virtua Fighter 2 playable in the "arcade" within the open game world of Ryu ga Gotoku 5. Ryu ga Gotoku 5 will be released in Japan in December 2012. Original source of Information: jin115.com website

Last Updated: October 7th, 2012. After 60-plus team tournaments in the past 9 months, the Virtua Fighter Relationship 2011-2012 season reaches its climax with the 5on5 Beat-Tribe Cup team tournament (October 7th, 2012)! This is a massive event, in which VF players all over Japan gather together for an entire day of gaming. Last year, over 700 players participated!

The third tournament of the final season of Battle Audition! Winners of these tournaments get a special title and will challenge the current roster of Star Players at the end of season. The tournament will be in the Kansai region. The event will be streamed on VF.TV Live on September 9, 2012, 2 PM JST (UTC +9). For past summaries of events, please check the Battle Audition Final Season - Summary Thread.

Update: Archive of event and results are posted

"If it wasn't for Virtua Fighter, the PlayStation probably would have had a completely different hardware concept," said former Sony Computer Entertainment producer Ryoji Akagawa.

Wired.com recently published an article How Virtua Fighter Saved PlayStation's Bacon where it is revealed that SEGA's Virtua Fighter was the inspiration for Sony to use 3-D graphics for its PlayStation console, a move which arguably contributed to SEGA's exit from the console hardware business.