I'm not sure I ever played VF2 in the arcade, although I would certainly have seen it there, as I saw the first--but this PS3 version at least feels convincingly like a very high-fidelity re-creation of the Virtua Fighter 2 arcade game; you can even select between versions 2 and 2.1, although I forget the tweaks 2.1 made. : P At 720p, it looks really sharp, has very good anti-aliasing, and runs very smoothly. The old arcade cheats--ranking mode, expert mode, etc--work.
I played a few embarrassing online matches when it first came out, years ago, and I don't remember if they were laggy or not. Mostly I just remember getting a cheap victory against a probably insulted opponent by spamming flying knees and getting lucky.
Now I'm just playing single-player, and specifically, just Jacky Bryant, because he's the only one who, in Arcade mode, never has to fight in his sister Sarah's Roman amphitheater stage---which I avoid because its constant lightning flashes make my eyes feel bad. 8P
Sarah is the second Arcade mode battle, but if you're playing as Jacky, instead of meeting in her amphitheater, you to to a gritty urban stage, apparently (internet says) Chicago.
The game is hard! : P The controls are very sharp and precise, and maybe unforgiving compared to other games; and movement can feel a bit unnatural, especially how you push up against the opponent--there's sort of a rubbery feel, and if a strike is blocked the blocking character sways back strangely, without it feeling like any contact is made, so fights can become a weird wobble back & forth (and if you end up being thrown or whatever to the side, the camera may end up showing the action from a really awkward, disorienting angle for a bit), hard to deal with if you're relying on Jacky's standard throw, which seems to have a probably way too generous range--but doesn't seem to work at all unless you're stepping toward the opponent; if you get too close you seem to get into this kind of swaying block vortex where you can't land a punch because they're blocking, and you can't throw because you can't move into them! Sheesh. Also I'm a noob.
The order of opponents in Arcade mode is fixed, and the difficulty curve is not gentle: the first, Lau, is always easy to beat; the two, Sarah and Shun, are beatable if you don't screw around too much--after that, you may be on your own, left to whatever trickery you can devise to get through--unless you've actually mastered the game's moves, of course. : o The full opponent order is: Lau, Sarah, Shun, Pai, Lion, Jeffry, Kage, Jacky, Wolf, Akira, Dural (bonus round, no continuing).
Past a certain point, I find that the AI will simply block all my normal punches and kicks, every time. : P This feels a *bit* much...especially since I don't really know many other moves. ; ) Jacky's cheap throw always stands a chance, though, as does his punch+kick haymaker, although they may be able to block that one.
Except, oddly, Jeffry and Wolf, at least on the lowest difficulty setting--which is still incredibly hard for me against, say, Kage and Akira--cannot block Jacky's default flurry of punches, so you can just mash the punch button at them and they'll keep getting hit in the nose until they're knocked out. A rather obvious flaw in the AI's defenses, you would think!
So, it's that old-time difficulty not-so-curve of either crushing or getting crushed. : o