Well, I obtained a copy of this game today and rushed home to play it. Virtua Fighter 5 has silky smooth graphics and fluid animation and in my mind, is the best fighting game I have played since the days of Tekkan 5 on the Playstation 2.
The fighters seem enormous and move very fluidy. The game is easy enough to get into and there's plenty up for grabs in the way of money, unlockable extras like costume changes and other changes to personalise your fighter.
The attention to detail is excellent. Fight in the arena, and against the backdrop you'll see yourself fighting your opponant on giant TV screens and the screenshots on here don't do the graphics justice. (Neither does the back of the game's case, in fact!) There's plenty to do and look at, and its a bigger and richer feeling experience than Tekkan, though I do miss the backstory and cut scenes that Tekkan offers.
The game is addictive, which is what makes a really good game. It's easy enough to get into, and you can adjust the settings if you're really struggling against opponants.
All in all, a thoroughly enjoyable game which is truly showing the awesome power of the 360 and what it's capable of!