Don't think that was an ad for VF2 at all. Judging from that Akira render, it looks like it was from VF3. So it was probably for Fighters Megamix, which I think used the same render art on the cover (and from what I recall it was on EB's top ten the first week or two it came out).
The "Little Too Real" Saturn ads were incredible though...Sega should've stuck with that style of advertising for a full year instead of changing it up three or four different times like they wound up doing.