The Japanese gameplay trailer for Project X Zone (pronounced "Project Cross Zone") has been released and shows how the RPG combat will work in-game. The game is a collaborative effort between Capcom, Namco, and SEGA, and will feature characters from the major franchises of each company. These characters will progress through the game in teams of two, and include the likes of X and Zero, Jill Valentine and Chris Redfield, Ryu and Ken, Kurt Irving and Riera Maruserisu, Jin and Ling Xiaoyu, and Kos-Mos and T-elos. The full list of characters has not yet been revealed, so more character announcements between now and the game's release.
Admittedly, I'm not as familiar with the cast of games like Tales of Vesperia, Xenosaga, or Virtua Fighter. If I get this game once it comes stateside, it will be primarily for the Capcom roster. Still, I think it is great that they are granting players the freedom to play so many different teams. Hopefully this game turns out to be good - I always like to see companies work together to create something new for the fans.