I really think Fighting Spirit didn't have animation as smooth as that of a NeoGeo. It DID looked exactly as a NEo, on still screens (that was the idea, FS is a Fatal Fury ripoff), but something was missing in the game. maybe it was the controls.
And Shadow Fighter is great, but I don't think the crappiness of the sprites lies in the lack of colours (I've seen MAD SHIT being done with few colors), I think the artist didn't have a clue and they look like cack. Poor-man anime-wannabe gfx, mesays. The game is still superb.
Elfmania had great graphics, but the characters were too bland for a fighter. Body Blows had great characters, but the gameplay was cack.
Did anybody got it right? I think not