Despite an admirable effort, Capcom's port of Alpha 2 to the SNES took some serious sacrifices, namely in graphics (characters aren't as detailed, and frames were removed from animations) and sound. There was also a small but annoying load time (?!) at the start of each round, and even then the game was slow, even when the speed was cranked to its highest setting.
Also, in another move in Nintendo's infamous censoring activities, the character 'Sodom' was renamed 'Katana', since 'Sodom' was too close the word 'Sodomy' (taken from an actual city in the Bible called Sodom, where people committed immoral sex acts). Even though Sodom's name (the character) is pronounced 'So-dum', not 'Saw-dum' (the place in the Bible).
Missing from the Playstation version of the game are the characters Evil Ryu, Classic Dhalsim and Classic Zangief. Plus the number of color palettes available for each character has been reduced to 2.
There are several in-jokes and messages hidden in the game, for instance on Ken's stage you can find lots of Capcom characters, among them you may find a Strider Hiryu holding a Teddy Bear. This was sort of a "get well soon" message left for a fellow Capcom member who worked under tremendous stress on a Neo-geo pocket version of Strider, and when that version was ultimately canned, had a nervous breakdown, and had to be hospitalized.