There aren't a ton of characters shown off in the vid, but what is there looks pretty much on par with the game's big brother on the 360 and the PS3. That includes a nice looking Ghosts n Goblins-themed backdrop and all the special move bells and whistles.
So three points pretty much sum up my take on how things are shaping up for the first fighter on the Vita:
Number one- UMvC3 is looking fantastic.
Number two- There's still sadness in my heart that there aren't more X-Men in the game.
Number three- I had no idea what a badass Rocket Raccoon is.
*Note - Uh, yeah, you kind of have to watch the video/be familiar with Frank West to get the "shopping cart" reference.