It's been nearly 20 years since Killer Instinct was first introduced at the arcade. At the time, it was up against heavy-hitting franchises like Street Fighter and Mortal Kombat, so developer Rare had a lot of pressure to do something memorable. The novel combo system in Killer Instinct was just what it needed to really stand out in the field, and it received a warm reception from gamers and critics alike. Killer Instinct 2 came two years later to similar acclaim, but it's been all quiet since then, aside from an N64 port of the sequel.
Killer Instinct is definitely fun, if a bit lacking in depth. The lack of campaign mode and limited character options mean it won't take long for you to breeze through the entirety of the content offering, but the online versus should ensure that you get plenty of enjoyment for your investment.