the port by far wins since the romset out is a bootleg release which is normally missing parts in the arcade version (like transparences and such) but to me its only right to compare this to the japanese ps2 version that was out almost a year ago but never got released to usa due to sony's prob with 2d games
well one thing off bat between the 2 was the screen size, xbox version doesn't fully fit the screen yet ps2 version does and this was kinda annoying as you can see 1/4 or more of the character missing when knocked at end of either side,very strange why they did that
gfx wise, xbox has a slightly sharper edge (less of blocky look to say) but both were just about the same and the added effects to special moves that were done on ps2's version are in xbox's like fireballs and even earthquake's fart.
game option/extras, xbox wins as the ps2 version doesn't have color edit or an option to change languages (japanese only for ps2's) plus with live being added is a real nice touch tho a read there were probs with that but i'm sure its minor.
well i would agree that the announcer change wasn't that great but didn't bother me and in case you were wondering, ps2's has the same annoucer from the arcade since it being all in japanese.
overall, xbox version came best and beats the arcade version in my eye by adding the lil touches to moves and the extra options but i rather wish it was a $20 game.
on a side note to ppl mentioning gg isuka, how the hell can you actually like the game

it tanked in the japanese arcades and its by far the worst of the series, adding a turn button is as worse as midway adding a 3D button to the god awful wargods.