We tested it out this morning, and while we managed to register a profile and create a character, we weren't able to access Lost Swords gameplay across several attempts. The only mode the game let us select was Quests, and when trying to load up the initial tutorial quest, it produced an error code for a lost connection to the server, and returned us to the title screen. Lost Swords also wouldn't let us load it without signing into PSN beforehand - it's not clear why exactly that's been implemented, although a key feature of Lost Swords is being able to download other players' characters to use as tag-in allies in battle.
For its part, Bandai Namco America has acknowledged a "technical issue that has delayed the launch of the game" - for the record, Lost Swords remains available to download on the PlayStation Store, and the game itself makes no note about a delayed launch.
"We have discovered that the issue requires a resolution across multiple parties and therefore our efforts to remedy the issue is taking longer than anticipated." the publisher said last night on the Soulcalibur Facebook page. "Currently we are working feverishly with a key partner to implement a solution in the shortest amount of time possible."
SoulCalibur: Lost Swords