With the obvious return of Tengu for the Arcade release, I think we're just missing a boxer (real boxer, not Mila) and a sumo wrestler. Both should be males. Other than that, the cast is perfect.
When does the ARC version come out?
I couldn't agree with you more, but some people rumor that Yaiba will be the playable character in promotion of Ninja Gaiden Z.
Nicole was a cool character for her time, and she was actually really effective for a guest character, but she should remain exclusive to Dead or Alive 4. It would just complicate things to include her when most tournaments are Sony exclusive, and Itagaki had a massive interest in Halo at the time.
I think we should focus on MMA just a little bit more. Make a Brock Lesnar sort of character with lots of fast, brutal punches, massive strength and bulkiness. I love Mila's character, but I'm not a big fan of her move-set. I like brutality combined with speed. The whole purpose of Mila is that she's an amateur, bring in a seasoned MMA fighter that is huge, mean and has a belt wrapped around his waste.
Tengu should be in the game already because of his unique style. At this point, I wouldn't give a damn if a copied DOA4 Tengu with one new move entered the scene, I just want to play as him for Christ sake.
A new and improved Raidou would also be a real treat. DOA is cool with mega-ninja flair and Raidou is one bad dude. It would be cool to see what Team Ninja could do with his abilities and look in the future.
I've said this many times, but Itagaki had a vision for intense villains:
Raidou - A thief, a rapist... a man that could beat the shit out of his own daughter and not feel a thing. I almost can't believe how evil he is.
Tengu - A demon, a psychological master-mind.
Alpha 152 - People rated DOA4 low just because of how hard she was to fight in arcade. Unique, but yet not... doesn't talk but speaks with her actions.
Christie - Cold blooded killer.
Now we have Yaiba, written in by someone other than Itagaki. I'm not impressed with this character because he seems like a carbon copy of Duke Nukem. I'm worried for the future of Team Ninja's new villains.