Heh, we've made a few characters including Edward (the Longshanks) and Hitler.
As for the game itself, I do recommend buying it if you are a fan of the series like I am and have to get them all. In short though, the single player modes suck compared to the last two games. The "Create a Player" mode is too shallow, there are a lot of games out there that do it a lot better. The graphics and sound are fairly similar, if a slight decline from the last game; I have noticed that there's some choppiness and blurriness that did not exist in the second game.
If you are not a fan of the series and already own either the Dreamcast version or Soul Calibur 2, then I would pass on this one unless you can find it for a good price used. The gameplay is largely the same as the others, and there aren't really any major improvements, and some annoyances in the changes. Still, negating the first two Soul Calibur games, this one is still one of the best fighters available. If you do not have any Soul Calibur game and have a PS2, then I would say get this one, but you should have got the second =)
-Insert Inspiring Quote-