Saints Row: The Third is going to take character creation to new heights with the just-announced Saints Row Initiation Station, which will allow you to create a huge number of characters, then easily allow you to share them with your pals. You'll even be able to create a character in tandem with a pal online.
While no release date was revealed for the character creator, it will come out before Saints Row 3 is released. Sadly, you'll only be able to access it early if you pre-order Red Faction: Armageddon.
I know what kind of characters I'm creating: Women wearing bikinis and wrestling masks, and that's all I'm making.
Check out the Saints Row: The Third website for more information.