The first thing Kotaku noticed when they saw the game, was the 2.5D effect of the graphics. Described on paper, it sounds immensely off-putting, but in action it manages to pull Street Fighter into the modern age without sullying the gameplay at all. This is done by essentially making both the background and characters 3D but forcing the characters to move on a 2D plane. What you're left with is the best of both worlds.
More importantly, the game's look seems to have returned to its origins. Sure the graphics pop, really pop, but they're very reminiscent of II and not as SNKey as I felt Street Fighter III had become.