MK II 32X is the most overrated MK port. It's weaksauce and no where near arcade perfect.
The gameplay is way off, especially juggling. The graphics are almost the same as Genesis. More colors do not make those ugly backgrounds much better. The added sound effects are good, but it does not have all of them(Kahn is missing almost all of his, for example) and most are reused from Genesis. So you've got some that are really good, like the screams, but everything else sounds terrible. The music is just as awful as the Genesis port. Tons of presentation details are missing, like bones disapearing after Fatalities and missing ending pictures. Cage still doesn't even have his complete win pose. It's bassically the Genesis version with some extra details that were already in the SNES version.
The only cool thing about it is that it has the intro pictures. For a long time it, Saturn and PSX are the only console versions to have them. Even then, it's missing the full intro. It doesn't have the cool part at the end with all the game footage.
I seriously don't understand why anyone would like it, besides either not remembing it(or arcade) well or some bizarre love of 32X.