The PS1 Version is better than I excepted. Of course you have loading times after each round but on the plus side you get a ton of concept art (including cool unused sprites) and you can recolor all of the characters.

Also you have the option to assing four of your special moves to your controller buttons. This probably breaks some of the balance since charge characters don't need to charge anymore with this feature but it might help beginners get into the game :)