Yes, Cervantes is in the game, as well as a "surprise" character seen before in another game. Sadly, Cervantes' voice isn't as cool as it was in SC or even Soul Blade, IMO. i'll admit though, for most of us the voices will never seem as cool as they were in Japanese, simply because of the fact that they were in Japanese.
i'm sure Namco will do a great job bringning SCII to consoles, i just wish they would have kept conquest mode from the arcade. In conquest mode, you pick a username and password, and a character. That username is locked to that machine, so no one else can use it once you register. Afterwards, you choose one of two parties, each each with their own win/loss ratio. It continues to breakdown until you face a group of ten fighters, all recorded AI characters (explained next).
The cool thing is that when in conquest mode, it tracks everything you do from what moves you perform, accuracy, score, etc. After each fight is over, you're presented with a radar chart (the kind used in Phantasy Star Online to rate character classes) of your play characteristics. After you've defeated each group, you're given the option to fight the character you've created, which is sometimes really eerie. The first times you play, your character will be a pushover. But as you play more, and vary your attacks, it becomes tougher and more diverse. It's odd to get beaten using your own character and your own techniques.
It's been done before (Virtua Fighter 2 was the first), but given that SCII is one of the best 3D fighters to date, it would make it even better. With the ability to upload files to the net via USB to memory card adapters, you could conceivably "play against" your friend or against some of the worlds best players, which many people never get to do.