It's Capcom's version of Mortal Kombat Trilogy... in spirit and shallow gameplay...
First off, the good points. For graphical showiness, it's hard to beat. Vibrant colors, and LOTS of animation(it does have over 50 different (?) fighters to choose from. (Iron Man/War Machine, Ken/Ryu/Akuma) Although some, like Iceman/Rogue, have such a limited arsenal, you feel as if they should have just been left out. Plus, there's so much going on during the fights, it can sometimes be a chore to just keep up.
Oh yeah... it also marks the first appearance of Cable in a Capcom game... not bad for a first appearance either.
Audio... sheesh. You know, the game sounds great... it really does... but man, you just stop caring after listening to that lounge music in the background. Makes you wonder just what the composers for this game were on when they came up with this pulse pounding game soundtrack. I swear, I mistimed a combo once because the music put me to sleep!
Gameplay... well, it does have some... but to be honest, it's basically a a watered down version of the Marvel vs Capcom system. The addition of a 3rd tag partner seems to be their way of compensating for the lack of 2 attack buttons(the REAL reason that the DC was able to make a perfect port... fewer buttons to worry about.). Plus the overall gameplay seems to basically cater to button mashers and flailers, requiring very little, if any, skill to just pick up and play. In comparison to other Capcom fighting game engines, I always found this game to be a disappointment. Even when compared to the original MvsC. The overall required skill level is low, only causing bouts of frustration when the computer attacks you with blinding speed (Marrow).
Lack of online play really doesn't bother me as much as it does a lot of people out there. To be perfectly honest, playing against a lot of you online just doesn't appeal to me. Saves me the trouble of wondering if any loses I might suffer were legitimate or not. Sorry folks, but online play just ain't what it's cracked up to be.
In the end, anyone who enjoyed it in the arcade will probably like being able to play it at home. If you have the DC version, there's really no point of buying it now. in fact, I might recommend that you sell your DC copy as well. With games like Capcom vs SNK 2 out, this game really doesn't deserve being a part of your gaming library... but it does look good.