The Ultimax Ultra Suplex Hold adds a handful of new characters and piles new scenarios onto Arena's storyline. Players can now head into the ring with Persona 3 characters Junpei Iori and Yukari Takeba, or a mysterious character new to the Persona series, Sho Minazuki.
It is unclear whether Minazuki is your ally or enemy. Current speculation is that Minazuki is involved in the unannounced Persona 5, which Atlus confirmed was in development as of August 2012.
The plot of Suplex Hold picks up a few days after the ending of Persona 4 Arena. A new tournament appears on Mayonaka TV, the P-1 Climax. S.E.E.S. and the Special Investigation Squad must work together to find out what is happening — and of course, duke it out in the arena.
We've reached out to Atlus to ask if the update will be coming to PlayStation 3 and Xbox 360 versions of Persona 4 Arena in the states. We'll share more details as we receive them.