I don't know why Ryu and Ken's faces look terrible. The rest looks alright, I'm not sold on the new art style yet, and the backgrounds are very low-detail (if you see higher res screenshots, the people in the background are low-polygon PS1 style objects that move like they're made from wood).
I'd still prefer 2D hand-drawn pixelart in some awesome new high resolution (like Super Street Fighter II Turbo High Definition Remix, also coming out soon), but I guess it would take waaay too long to draw every frame.
Nice to finally see it in action, it moved very, very nicely. Let's hope there's an arcade release first!