A few weeks back Capcom announced that Street Fighter IV's Championship Mode update will be available free of charge on April 24, 2009 for both the Xbox 360 and PS3 console.
As we all know, that date has passed but with only a few days delay the long-awaited Championship Mode is finally available!
To quote: The new mode offers players the chance to compete in five different grades of tournaments, meaning there is something for each skill level. Players will score Grade Points (GP) for tournament wins, and as a player GP total grows they'll be able to enter into more exclusive tournaments.
Winning a tournament will reward players with Championship Points (CP), a form of prize money. The higher the GP skill of the players in a particular tournament the bigger the CP prize. The new Replay mode will allow players to select and watch the best Championship Mode tournament Matches. PlayStation Network
: you can rate matches while you watch according to characteristics such as "awesome" or "funny." Replays are then ranked based on these vote ratings. Xbox Live
: instead of rating the matches, you can choose to download and save your favourite replays to study the players' techniques. You'll also be able to turn on the input commands from both players to be able to review their button and joystick motions in precise detail. More PlayStation 3 News...