Capcom have shared more a little more information on what the 1.04 patch for Ultra Street Fighter IV will bring. While you already know about the upcoming Omega Mode—which gives every character new moves—the patch will add one other significant feature.
Capcom say patch 1.04 will allow you to play Edition Select mode online. If you recall, Edition Select is a mode that allows you to change individual fighters to the way they were in different iterations of Street Fighter IV.
Edition Select and Omega Mode will both be playable online, but only in Unranked matches, when the 1.04 update is released.