I've speculated that the team working on the Super Nintendo Mortal Kombat gave up once they learned they had to water-down their product. It's the only explanation I can fathom for why this is such a sub-par translation while its sequel was excellent.
Play control:
There's a nice delay between the time you hit a button and the time something happens on the screen, this is especially noticeable when jumping.
Graphics:
This definitely showed that the Super Nintendo could deliver much better graphics than the Genesis.
Sound:
The audio was also superior to the Genesis.
Other Factors:
Forget the lack of fatalities for a second, what about the lack of proper endings? Weak.