I cant think of any top 11 favorites, so in no real order (from the top of my head):

Sonya
Mileena
Sindel
Rayden
Johnny Cage
Kenshi
Reptile
Shang Tsung
Kano
Shao Kahn
Jax
Nitara

So, basing my lost on those (even though I'm missing many who i cant think of right now), I'd say I got: 6

And if the Downloadable content comes to life, then I might get 3 more: Mileena, Johnny Cage and Reptile.

EDIT: Misunderstood it lol

Scorpion
Kung Lao
Liu Kang
Shang Tsung
Sonya
Kitana
Johnny Cage
Cyrax
Goro
Baraka
Mileena

Liu Kang
Scorpion
Sub Zero
Johnny Cage
Kitana
Shang Tsung
Kung Lao
Reptile
Mileena
Smoke
Sektor

I have two lists...
The first is my list of iconic characters I think would have been best for this game (some I dont even like)

1 Raiden
2 Sub Zero
3 Scorpion
4 Kitana
5 Mileena
6 Liu Kang
7 Shang Tsung
8 Goro
9 Baraka
10 Kung Lao
11 Reptile

The second is my favorite characters who I would have liked from a selfish point of view

1 Kitana
2 Raiden
3 Mileena
4 Baraka
5 Ashrah
6 Li Mei
7 Kabal
8 Ermac
9 Onaga
10 Sindel
11 Sub Zero

It think there should be WAY more females in this one. I really dont understand why the female counterpart to kitana was not in the game. There is no need for both Jax and Sonya in the game as they both fulfill the need for a military person on the hunt for Kano.

my favs

1-baraka
2-ermac
3-cyrax (only if had net)
4-shang tsung
5-quon chi
6-kabal
7-kira
8-havik
9-sareena
10-goro
11-sha kahn

iconic list

1-sub zero
2-scorpian
3-kung lao
4-lui kang
5-kitana
6-baraka
7-quon chi
8-goro
9-sha kahn
10-raiden
11-shang tsung

THOSE THAT CAN STAY:
- Raiden
- Sub-Zero
- Scorpion
- Kitana
- Sonya
- Shang Tsung
- Liu Kang

THOSE THAT NEED TO BE ADDED:
- Mileena
- Quan Chi
- Cage
- Sindel

I'm not counting the boss, just so you'll know.

My delusional fantasy:

+ Sonya
+ Jade
+ Rain
+ Tanya
+ Kitana
+ Mileena
+ Shao Kahn
+ Shinnok
+ Shang Tsung
+ Fujin
+ Ermac

My plausible possibility:

+ Sonya
+ Shang Tsung
+ Kitana
+ Mileena
+ Shao Kahn
+ Kung Lao
+ Liu Kang
+ Reptile
+ Goro
+ Raiden
+ Cyrax