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.

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According to a Siliconera article, all three games--Virtua Fighter 2, Fighting Vipers, and Sonic the Fighters--will have an online mode. Spectator mode will also be available fof Virtua Fighter 2. The Youtube video from Sega does not mention anything about it though.