Gamewatch published an article just yesterday showcasing the different modes and options in the console release of Street Fighter IV. Most of the shots go over aspects of the console version that most of us are pretty familiar with at this point, but as far as I know they have the first screen shots of the online matchmaking portion of the game. Much like other games, green bars indicate the signal strength between you and your opponent, and it sounds like you will have the choice of playing Ranked Matches for Battle Points or just player matches where nothing goes on your record if you win or lose.
The game drops Feburary 12th in Japan.
Anoop at adriansang.com posted up a translation of what is going on in the screen shots. He mentions he isn't sure what the "private" option is in online match making, but I assume its so you can invite people to your lobby without random people entering on their own.