Well from the costumes, it looks closer to SC in timeline than SE. Post SE, Siegfried turns to Nightmare but after some time reverts back into Siegfried upon being defeated by Kilik I think (both were playable in SC) and come SC2 he reverts back to Nightmare (Siegfried isn't playable). I'd imagine this game will cover events like Nightmare reverting to Siegfried as well as Nightmare's hunting party (made up of him, Lizard Man, Ivy, and Astaroth). And hopefully the intro of the Awesome Asian Alliance (Maxi, Xianghua, and Kilik).
While SCIV is of course the more important title, I'd say I'm pretty excited about both. I'd imagine weapon based fighting makes a better transition to motion controls since, due to it being slower, you'd need to do less actions to fight. Nightmare and Astaroth could probably work really well since their slower and long range. Not sure about Taki. The priority that Namco is giving to this game in comparison to SCIV has me worried but until more impressions come, I'll believe. Besides I love the SC universe so I'd be pleased with more insight into it.