The Playstation version was released in 1999. The port was a step up from the abysmal X-Men Vs. Street Fighter port, as this has smoother animation and slightly better loading times. Understandably a ton of animation has been cut, but it isn't as choppy as in Playstation X-Men Vs. Street Fighter.
Some extra game modes were included in this port. There is a group battle-like mode, where you can pick from either the street fighters or Marvel characters, then take on fighters from the other side. A training mode was also added, with a new (although very boring) stage. Some extra costume colors were also added.
However the tag team option was still pretty much missing. There is also a tag option, but it was like the one hidden in the X-Men Vs. Street Fighter port -eg player 1 has to choose Chun-Li and Spider-Man, so player 2 had to choose Spider-Man and Chun Li. If you want the best console version of the game, you'll need to get the SEGA Saturn port.