Japanese	American	European
The Japanese and American versions of the game were done on a 32-MEG cartridge. But the European version was only a 24-MEG cart. Which meant that a number of characters, in particular the fat ones, got cut out completely, along with their stages. To sum up, Big Bear, Cheng, Axel and Laurence all got dropped. Ryo Sakazaki, who was a hidden character in the other versions, is unlocked from the start in the European version.
The smaller cartridge size led to lots of animation being cut out also. Look at Andy Bogard's stance -it is a three frame animation in the Japanese and American versions, but only two frames in the European version.

Japanese	American	European
A certain item of clothing for Mai Shiranui was changed around for the American and European versions.

NOTES

-The American and European versions have the word "PAUSE" appear on screen when the game is paused. This doesn't happen in the Japanese version.