I did a little bit in the lab, which I’m going to post in the “Vs Rolento” thread ( http://forums.shoryuken.com/discussion/190689/vs-rolento ) so that it’s all recorded over there. Basically, your best option is to block the roll and just hit him with a cr.lk, you can cancel that into a lp palm for pressure, don’t cancel into lk lariat as it will whiff.
There’s a certain dbag Rolento player that I vs online who would always spam this. I remember in one of the matches I did meat-squasher as he was rolling at me, and it worked. As Hugo’s meat-squash run collided with the Rolento’s roll, he just picked him up like carried him to the corner like it was no biggy. I don’t think it was even the EX version.
I never tested this in the lab though. Worth a try I guess.
If you have the reactions for it, it is possible to SPD it as well as trade a c.mk at the right range. However, the best pre-emptive answer is neutral jumping. Just empty neutral jump every once and awhile, and if you see him roll, come down and EX SPD when you land. All day.
As for punishes, doing c.lp is pretty easy. Even if you don’t follow it up with anything, getting that c.lp punish still works out in your favor damage wise. Let him roll all day at you really. If you have super stocked, him rolling at you is a death sentence.