Arc System Works announced BlazBlue Continuum Shift II for PlayStation Vita a while back. This week's Famitsu has details on what's new for the portable version.

The Vita title is fully titled "BlazBlue Continuum Shift Extend." Players can look forward to new scenarios and characters on top of the content of CSII.

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Other features for the Vita version include Network Mode and Abyss Mode. Network Mode supports irregular team counts, with Famitsu mentioning 2 on 2, 3 on 3 and 2 on 4. Abyss Mode will include a refined version of the story from the original.

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Famitsu also reveals that Extend is due for PlayStation 3 and Xbox 360. 

They might catch up to the number of versions that Guilty Gear XX has.

@Sasran said:

They might catch up to the number of versions that Guilty Gear XX has.

You can't catch up to infinity

Still waiting for a PC version.

Speak of the devil, here's a trailer. PS Vita edition will be getting some new story and some new modes, and CS owners will be getting Relius DLC I think. 
 
  

Possibly it might deserve its own wiki page, but all in all I'm stoked, I just hope most of this stuff is patched in the console CS (which it's a possibility right?) in 1.04, at least the DLC character stories would be fine with me.
Also heard that their might be some cross platform play IF that was possible on the PSV but that is an uncertainty.

so will this be an update for the arcade machines or is it a brand new board?

@scarace360: I'm assuming new board, but I don't have enough information yet to say.