Honestly, I think this is a great announcement. Mainstream quality fighting games have been lacking in recent years and this might be what the fighting genre needed to reboot in a sense. Also, the gameplay footage for Street Fighter X Tekken looked smooth and faster paced then Street Fighter 4 which is good. I'm not a HUGE fan of Street Fighter gameplay mechanics, but the game basically towers over any recent fighting game.
Now I just need an announcement of a new Soul Calibur, because customizing your own character in a fighting game is BAD ASS.