In an update that details the upcoming patch 1.04 for Ultra Street Fighter IV, Capcom has revealed the upcoming Omega Mode to be released later this year. The mode will not only be free of charge, but will also revamp all of the characters by giving them "new normal and special attacks, resulting in a refreshing take on the characters you've come to know and love over the last six years."
Some iconic attacks like Ken's Shinppu Jinrai Kyaku and Sagat's Tiger Raid will return and even Zangief will be able to combo into his command throws (which is completely unnecessary). That said, this mode is meant to be more about being new than being balanced.
Peter "Combofiend" Rosas, Senior Online Comunity Specialist, shares a few more details of Omega Mode in the 9-minute explanation above. For instance, Ken can shoot fireballs with his legs in many directions, Guile has Remy kicks and can fire three sonic booms in quick succession, and Chun-Li has ridiculous kick combos. Check out the video for more insanity.