Namco Bandai and Project Soul announced Soul Calibur V last night, revealing that the game will be set 17 years after the events of Soul Calibur IV and follows the tale of Patroklos, son of Sophitia Alexandra.
Producer Hisaharu Tago noted at Namco Bandai's Level Up event that the game boasts many improvements to the battle system as well as many more features. One key point is that the game will feel a lot "lighter" and "elegant" than previous iterations, especially SCIV.
Here's the trailer, not a lot of gameplay is shown, but you can presume that the blonde guy is Patroklos. The game is set for a 2012 release on both PS3 and Xbox 360.