Todd Martin got an exclusive look at the new UFC game, and has a very informative piece on it over at CBS Sports:
After you create your character, Dana White introduces you to the UFC and puts your fighter in a tryout fight that will determine where he starts on the totem pole. At first he will be fighting fictional lower-end fighters, and over time he'll move on to mid-level fighters and eventually the upper-echelon stars.
Your fighter progresses by improving his skills and gaining "cred points" that can be used to move to the next level. UFC matchmaker Joe Silva will offer you a number of potential opponents with different styles for your fighter's next bout, with the tougher opponents yielding more cred points. It is then your responsibility to properly prepare for the fight.
To prepare for the fight, you are provided a calendar. Each week your fighter can do activities to improve his skills, such as sparring and training. He can even travel to famous real-life camps for instruction from MMA's best tutors. He can also meet with sponsors and secure sponsorships for fight gear that will earn extra cred points. However, you also have to avoid overtraining by providing your fighter rest that will allow him to enter his fight in peak shape.
Lots of details on striking and other mechanics, as well as details on other modes and fighter stats are available in his piece.
I'm a pretty casual gamer, but I am very excited about this game. There has been an odd and steady drumbeat of negativity from the very beginning about this thing, but I can't imagine it being anything less than really fun to go online and do UFC video game tournaments with your favorite fighters. MMA may be too complex for a standard video game control, but the control scheme they've worked out looks solid enough.