A while ago, NamcoBandai announced that they would be unveiling a new updated edition for Tekken Tag Tournament 2 at the AOU 2012 arcade expo. At the time, the title for this update was New Tekken Tag Tournament 2. Thankfully, NamcoBandai has decided to drop this name as the final title chosen for the update is now Tekken Unlimited Tag 2.
Tekken Unlimited Tag 2 essentially adds new modes of play. These new modes include one on one, one on two (i.e. handicap match), and pair play that allows four players to play together in teams of two. There are also several updates to the character moves and balance.