That's it, that's the news.
What used to be a distant dream is now not just a possibility, but reality. Thanks to dedicated efforts of rain_drawing, Armonte, Eternal Yoshi, and Archer.
It's not yet perfect, far from it, but what already exists is shockingly far along compares to at best glimpses of potential that we saw years ago.
If you want to try it for yourself, you can do so by joining a Discord server, but you need to do so with full understanding that this is a very much WIP project that still needs to work out many different kinks and bugs.
That said, people are already running matches and even with all the quirks, it is shocking just how playable it already is.
It's no exaggeration to say that this is a massive historic milestone for the FGC, as Ultimate Marvel Vs. Capcom 3 is not just one of the most historically important games for the FGC, but it's also a genre defining work.
To have it actually be playable online with proper netcode is monumental.