Arcade flyer
Final
Kasumi had a very different look in the early previews. In addition to having a different face and hairstyle, she also had an outfit that was removed from the final game.

The above early Kasumi was featured on an Japanese flyer for the game.


Preview
Some early previews of this game -such as the above screenshot taken from issue 53 of Consoles + -show a character who was cut from the game called Kelly. Clearly this guy was a Muay Thai master.

It's possible that Kelly was scrapped and replaced with Zack, who has a very different design, but also uses Muay Thai. Further credit to this theory is that in the arcade game's sound test, all of Zack's voice tests are listed with the letters "KL" in them.


Preview
Final
This screenshot -which I found here -show an early version of Gen Fu's stage. The danger zone area around the ring is different, and there are some objects at each corner of the ring that aren't there in the final.

The bars above the life bars are filled in blue for the 2P side in the preview. In the final version they never do this, they just display messages instead.


Notes

The sound test has some other oddities with the character names:

-Bayman's BGM is listed as "GATBY", and his voice test have the initials "GY", so his name may have originally been Gatby.

-Jann Lee's BGM has the letters "LOO" and his voice test has the letters "LU" so he might have had a different name in earlier builds of the game.

-Hayabusa's voice test has the letters "KM".

-Gen Fu's voice test has the letters "FA".