Yeah man. CAFS are limited to presets only, you don't have a say in anything other than appearance and fighter 'type'. Individual stats and movesets are gone.
Appearance options are the same as last time, so a small handful of realistic hairstyles and some weird facial hair, plus a bunch of additional joke options that wouldn't be out of place in an MMORPG.
Can't make a realistic fighter depiction, but if you want to make a Gimli from LOTR you are set.