Unlike the others on this list, this appears to be an emulated version of the arcade game. What gets me is that MAME does much better job emulating this game. It's amazing how MAME developers, working for free, can outdo the presumably highly paid crew at Midway. The biggest flaw with this version is that it appears to be high on speed. It runs faster than the arcade and is a bit jerky. You're given about ten milliseconds to execute a fatality, that's if you can even wrestle it out of the Gamecube controller..
Play control:
The Gamecube controller is just not right for this type of game. This isn't Midway's fault of course, they did what they could by allowing the player to customize the buttons. It doesn't really matter though. Combos and fatalities are almost impossible. Moves such as Kitana's fan, Sub-Zero/Reptile's slide, and the acid fatality simply can not be executed. Both the analog and digital pads are equally miserable to work with. I would rank this lower than Reptile but I'm going out on a limb that if you could find an arcade style joystick for the Gamecube it would play better.
Graphics:
The graphics are absolutely perfect if everything is standing still. The animation is occasionally jumpy and the shadows have a habit of flickering. It looks like this is due to the emulation running too fast.
Sound:
The sound emulation is spot on perfect.
Extras:
All the settings from the arcade DIP switches are available. There's a much-needed menu to configure the controller. It includes some promotional material from the original arcade release; a scan of the pamphlet that went to arcades and a grainy video, nothing to write home about. High scores are also saved.