Sometimes you want to fight against a certain Soul Calibur character, but you'd rather their moveset be performed by an old bearded guy. For that, there's Edge Master. Concept art posted by Famitsu shows he'll be returning in Soulcalibur V, as will Soul Calibur IV final boss Algol, who now follows the Street Fighter III boss dress code.
Famitsu also revealed the ability to create "Devil" style characters (like Tekken's Devil Jin) in SCV's character creator. Namco Bandai demonstrated this with a "Devil" version of Tekken producer Katsuhiro Harada.