The only new characters are Taven and Daegon, who were created for the game's Konquest Mode. While it is impressive, the sad thing is most of the roster is basically copy-and-pasted from Deadly Alliance and Deception (with characters like Reptile and Kung Lao getting outfits taken from Shaolin Monks, the game before this).
Basically, the game offers almost every character (Khameleon is exclusive to the Wii port as time constraints kept her from the other ports) as they are fighting each other for the opportunity to fight Blaze, whose defeat would infuse the victor with ultimate power.
Mortal: Kombat: Armageddon is basically the final Mortal Kombat game to be released on the Playstation 2 and the original Xbox (as well as the only Mortal Kombat game released on the Nintendo Wii), and it is not a good way to end the sixth generation of consoles.