A huge article on the Online Features can be found
here thanks to IGN.
The main points are:
- There are four different rooms: Amateur, Rookie, Pro, and Legend, depending on how good you think you are. If you are crap go in the Amateur, if you are good, go Pro or Legend.
- Owners of chipped PlayStation 2s will not let you past its security feature.
- 56K and other dial-up users had better get themselves a better connection; as SmackDown! vs. RAW is only available for broadband users.
- You can use Created Wrestlers online
- So far you can online select Single matches and Bra and Panties. Hardcore rules or other specialty stipulations cannot be added, however, though you are able to use weapons in a match if you can incapacitate the referee.
- There are only 3 areanas you can wrestle in: SmackDown, RAW, or WrestleMania XX.
- Defending created belts or participating in created PPVs, are not available online.
If you go to the media page, there are videos of the online match they had, and showing you how to set up matches/rooms etc.