Online play for SF4 is and will be a hot topic. There are two ways you can get a taste of what the online play might be like.
1) SSF2 HD Remix - Capcom is hard at work rewriting their network code for this game. Presumably they will use the same code for SF4. You can play the beta of SSF2 HD Remix if you purchase Wolf of the Battlefield: Commando. This is for the 360 only.
2) GGPO.net, a PC application. From my limited understanding this is the original breakthrough for online fighters. Capcom is copying it's functionality. It is free, and almost any modern computer should be able to run it. While it is easy to install, finding the actual ROMs is challenging (and illegal in many countries). But the online fighting is very impressive.
There are some pretty hardcore Street Fighter players on GGPO.net. So be prepared for stiff competition.
Here are the games that GGPO.net currently support:
Street Fighter Alpha 2 (US 960306)
Marvel Vs. Capcom: Clash of Super Heroes (Euro 980112)
Vampire Savior: The Lord of Vampire (Euro 970519)
Dungeons & Dragons: Shadow over Mystara (Euro 960619)
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