The updated arcade version has officially been announced. It's called "BlazBlue Continuum Shift II."
http://www.arcsystemworks.jp/index.cgi?eid=317
Yes, they did in fact call it CS2.
And as we know, it will be released as a free patch for the console version. However, I wouldn't rule out them making us pay for the ability to play as the console characters (Mu, Makoto, Valk, Platinum) in arcade mode or for new challenges to go with the balance changes.