If N4G is to be believed it is.
Apparently there is an ESRB rating for this on PS3 and 360 which means it’s coming. I couldn’t find the rating myself but apparently many others have, although N4G don’t quote sources on this.
For those of you who don’t know MvC2 is widely considered to be the best fighting game ever. The Dreamcast version still sells for stupid money on ebay although you can get the PS2 version a bit cheaper.
All a bit mad if you ask me but as Microsoft have proved, people will pay for outdated junk if it’s fun.