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In a new SFV video, uploaded by periodikoSF he demonstrates what appears to be a normal priority system a la Street Fighter III: 3rd Strike.
The basic rule is that stronger normals always beat weaker ones, special moves beat light and medium attacks but trade with heavy ones, and supers beat special moves.
It turns out that SFV, like Street Fighter 3L Third Strike, uses a normal priority system. This system, previously unique to 3rd Strike, causes higher strength normals to win trades with weaker normals. In situations where both normals would trade, the stronger normal wins. In fact, it scores a counter hit.
For now it looks like this priority system only applies to normal attacks, specials will still trade with normals. Anti-airs aren’t part of the equation either.
You can test this system once the third beta hits later this week on December 18th.