I was thinking the other day that it would have been cool for Sony to respond to Microsoft's Killer Instinct by bringing back another old FG IP. I think a new Bloody Roar would have been a cool idea. I played Bloody Roar 2 and later 4, a bit back in the day and always have have fond memories of them. If it was re-imagined like K.I. was I think it could be made into a pretty great game. edit: I meant to add, that I think this would also be a great game to show of PS4s graphical power.
Series has a ton of potential and I think the transform mechanic alone could not only add a lot to a serious fighting game, but also looks cool, and if somewhat challenging to perform, could be really hype in tournament settings. I would also suggest just going with a 2D plane and 3D assets like SF4 and other recent fighting games do.
The game wouldn't need to have a gigantic cast (at least not at first) because every character is essentially 2 characters, their normal self + their transformed self. Different hit and hurt boxes, different lengths of attacks/pokes, different frame data, maybe even different input commands, ect. A starting cast of 12 characters could go a long way.
I could imagine a character that is terrible normally but becomes one of the best characters once she transforms. Knowing this the meta about the match up would change. Your opponent would know that you are eager to transform and would try to stop you, creating a natural, as opposed to forced, tension in the match up. Making her transformation difficult to do would add to this tension so long as the payoff was worth it.
another example could be the opposite, a character who is great normally, but whose transformation is near useless, actually making him a worse character. This would be interesting as I believe this character would have to be really good considering most people wouldn't even bother to learn the match up, or fear it, against his transformed state because it's so weak. Maybe then players would use this to their advantage and transform anywhere to throw people off their game, since users wouldn't be expecting a player to intentionally "weaken" themselves.
ok, i think i wrote too much