Ok, everybody, sorry I haven't been around - here's the skinny on the VS game. Apologies for over-explanations, trying to make this as user-friendly as possible.
VS System was a Collectible Card Game (or Trading Card Game, Customizable Card Game, or any number of other variations that all mean the same thing), i.e. a game where two people would build decks (usually of a fixed size, in this case with a minimum of 50 cards) out of a large available card pool which was distributed semi-randomly through booster packs containing variable numbers of cards of different "rarities" - thus the collectible aspect, as players attempting to build competitive-level decks, or complete sets of cards, would have to buy many more cards than they actually needed in the hopes of tracking down specific "rare" cards.
The game originally consisted of sets based on the Marvel Comics and DC Comics media licenses, featuring characters, locations, events, and scenarios applicable to those licensing agreements, although late in it's development cycle, a single expansion set containing cards from the Hellboy comic book property was produced. Although the game never veered away from comic book-based properties, the mechanics of the game were designed in such a way that they weren't tied overtly to a specific style of combat or storytelling - i.e. they could have produced sets based on just about any property where people fought in some way, and the mechanics would have supported it - the flavor in the game was provided by the card art and by the abilities on cards, rather than inherently being a part of the mechanics. For instance, Two-Face (a villain from the Batman comic books produced by DC Comics) might have an ability that, when activated, instructs the player to "Flip a coin. If you win the flip, KO target stunned character." This represents the character's tendency to rely on the flip of a coin to make his decisions.
VS System was originally produced from April 2004 to January 2009, after which Upper Deck ceased production of new sets due to declining popularity. Though the game retained a small and very vocal fanbase, it was plagued from inception with problems relating to Upper Deck's desire to cater specifically to players who played competitively and spent large amounts of money on the game. This resulted in a high profit margin per capita, but low overall casual interest in the game, which resulted in a consistently shrinking playerbase which eventually reached unsustainable levels, leading to the cancellation of new product.
Now we switch gears for a moment, to give some background on why VS is coming back - in 2008, Fantasy Flight Games began producing a new variant on the CCG model, which had been declining in popularity for years at this point. They called this model "Living Card Games", and the way in which players play the games is near-identical to a traditional CCG. There are still large pools of available cards from which players build decks of a certain size, and use those cards to play competitively (or, in one very interesting instance, cooperatively) against each other (or against the game, in the instance previously mentioned). The difference between the two formats lies in their respective distribution models - Living Card Games are produced in a Core Set, followed by a series of expansion packs of varying sizes. Each core set contains an identical set of cards, as does each expansion pack, thereby eliminating the random, or "blind buy", aspect of booster pack-purchasing in CCGs. Every player who has purchased the core set and all available expansions has the same cards available to him/her for the purposes of deck-building, thus (in theory) putting all players on an even playing field.
This model has proven to be very popular with a large portion of hobbyist gamers, but have yet to reach the casual markets in any appreciable capacity. Naturally, producing games via this model is a less expensive prospect at the consumer level, as any expansions only need to be bought once, and it is also cheaper at the manufacturer level, due to less cards needing to be designed (CCGs typically fill 65-70%, if not more, of any given set of cards with "junk cards" that are designed to never see competitive play), and smaller print runs being needed (CCGs have notoriously high minimum print runs before the distribution method becomes profitable, as opposed to fixed sets of cards).
So far, only one company besides Fantasy Flight has attempted to produce a game utilizing this distribution model, AEG with their revival of the Doomtown CCG they produced in the 1990s. However, at last year's GenCon expo, as AEG was debuting their new Doomtown: Reloaded (which they refer to as an "Expandable Card Game, or ECG), Upper Deck put up a large banner announcing the "VS System LCG" to an unsuspecting public, and had a number of sealed sets for sale containing original VS System cards (from the very first expansion), reprinted with a new card back that stated "VS System Living Card Game", as opposed to the old card back which simply said "VS System".
Now, anyone with even a passing business acumen may be able to predict the following events: Sometime between the first and second days of the convention, Fantasy Flight contacted Upper Deck to inform them of something that approximately every single gamer familiar with Fantasy Flight's products already knew: Living Card Game and the LCG logo are registered trademarks of Fantasy Flight Games. Duh. So Upper Deck placed some large pieces of black tape over the "Living Card Game" text on their banner, and continued to sell the "prototype" sets they had made up with the "Living Card Game" text on the card backs.
No further word was heard out of Upper Deck about the VS System revival until the GAMA trade show, at which the picture in the OP was taken. We know that it is unlikely any new VS product will feature characters or situations from DC Comics properties, as the rights to the publication of card games featuring those assets currently lies with Cryptozoic Entertainment. Thus, Upper Deck seems to have turned to the 20th Century Fox licenses they acquired in a deal to produce "Trading Cards, Trading Card Games, Stickers, and Sticker Books" in October of 2013.
As for me, I'm cautiously optimistic about A/P being folded into the VS System milieu. The game mechanics are, as stated above, robust enough to handle most any property involving groups of individuals in combat, however, this announcement does effectively dash any hopes I had of finding a way to resurrect Precedence Entertainment's defunct Aliens/Predator CCG, a game that was designed from the ground up to effectively capture the elements that made the films unique, and which I have loved for many years.