According to a scan from a Japanese magazine Phoenix Wright didn't quite make the cut for the game.  Not sure if I would have preferred him over Frank West but his inclusion would have been nice.

Ah, weird.  I believe the folks behind the Phoenix Wright series had also addressed why he was not a playable character in Super Smash Bros. Brawl, too.  But they did say that he would be considered if there ever was a Marvel vs. Capcom 2 sequel in the works.

OOoOooohhhhh, I don'tcareaboutfightinggamesbutIwantthissobad!

Hopefully they'll bring some old, and new characters to the mix with some DLC.

In that CAPCOM interview, he said DLC is possible and they still have some of those characters. 
 
TBH, Wright has no fighting moves, thats why he was cut, and Frank West was a stretch, i don't really want Wright. 
 
They also mentioned balance issues.

If I recall correctly, an issue that arose with Phoenix was trying to make moves that worked for him.  They had an idea where he'd shout "OBJECTION" with the word serving as a projectile, but the amount of space that the word uses in English, as opposed to its Japanese counterpart, differed too greatly to be functional across territories.

Yeah "Objection" is the reason, the word bubble is much larger and made the move broken supposedly. But I think that's a cop-out, they could have just kept the Japanese text and no one would have cared.

That would be cool. I guess. Who knows when phoenix wright for iphone is coming out?

Phoenix Wright in that game would have been awesome!