From: thundersheep | #327
If it's anything like SSF4, they can only see after they make their choice.
It's not, because you can see the other person's icon in the character select screen in 3SO.
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http://images.cheezburger.com/completestore/2011/8/22/2094c2de-bae8-4f5b-9f27-67eaff0aaeaf.jpg