While Capcom and SNK stuff and maybe Guilty Gear X's and maybe Killer Instinct I'd rank as the best....
I haven't watched wrestling since I was a teenager, but I had a lot of fun with WWF Wrestlemania the Arcade Game for SNES by Midway. Going back and playing good versions of MK1 and 2, (SNES MK1 had even worse control) they control pretty clunky. I thought this WWF game had a nicer more fluid fighting engine than MK3/Trilogy. The SNES looks and sounds great but had two characters cut. Looking at gamefaqs reviews, the PS version might be the best outside of the arcade. Although with lesser colors and sounds, the Genesis version seems alright from the little I checked it out, having all 8 characters. There's complaints in reviews that 32X version is either messed up with glitches or identical to the Genesis. So the Genesis version might be glitched if I actually play it enough to see. The Genesis version is 4MB (32Megabit cart) compared to the 3MB (24mbit) SNES.
The follow up WWF In Your House was actually developed by Acclaim,not Midway, and isn't nearly as good, except for being 4 players. Unfortunately on top of being subpar, the Saturn version I got is screwed up even more where 4 or 5 hits knock out players. I'm hoping these action replay/game shark codes at http://gamehacking.org/game/84430
for fake infinite health finally fix that a little by hopefully doubling life and maybe the visual lifebar goes down when finally under 100%. I gotta see what the effect really is. At any rate I'll probably check out the PS version to see if it's tolerable.
I barely got to play any of the newer 3D Mortal Kombats but MK Gold and maybe other MK4's sucked. Newer ones seem interesting though with all the varied fighting styles instead of the usual cookie cutter selection of moves. I tend to lump 3D fighters that play like 2D ones in with them. Also never got into Killer Instinct Gold for N64. That a good improvement over the original?