Classic Capcom humor is at play here even with things like color schemes. You may not have every character in Capcom history available, but there are alternate colors that are humorous acknowledgments of some of those characters' absences. For example, you can get a Ryu with a color scheme that makes him look a whole lot like his long-time sparring partner, Ken. Likewise, Frank West has an alternate color that makes him look a whole lot like his Dead Rising buddy Chuck Greene.
For background music, each character has their own theme song, which starts up when they enter the ring. This means there's a lot of dynamic changes happening in the sound, in addition to all the fighting effects and yells. It creates that chaotic, wonderful arcade atmosphere.
Speaking of funny, the lonely, desperate guy who announced for Capcom vs. SNK 2 seems to be back in this game. Well, he's a little better adjusted it seems, but he still wants to take you on a WILD ride (in his unmarked van, parked just outside, I'm sure). And the notorious "I wanna take you for a ride" song is even back during the Training mode.