The Capcom, Sega, and Namco 3DS crossover game Project X Zone will feature over 200 characters, according to a post on the game's official blog, as translated by Andriasang. This number refers to a combination of allies and enemies, and doesn't account for event scene-only characters, all of which will reportedly come from franchises spanning the three brands.
Project X Zone is being developed by Nintendo-owned Monolith Soft, which created the spiritual precursor to the game for PS2, Namco X Capcom.