MvC3 has amazing graphics. The game is ****ing broken though. Everything does ridiculous amounts of damage. 100% combos are so easy there is really no need to learn the combo system in depth. I've never played a lot of versus games, but I jumped in training and shit like light, medium, strong, launch, light, medium, strong, super did amazing damage. All of the 100% combos I'm seeing on youtube are ridiculously easy. X-Factor is mega broken. Why bust out some amazing combo that is risky when I can I kill you with little effort? I really don't the see the appeal in this game, or how it is going to servive in the tournament scene for 10 years like MvC2 did.
And I wouldn't exactly call SSFIV Street Light either. They made it more accessible, but it is still has a ton of depth for tournament players. I'm sure NRS is trying to accomplish the same thing. I think some version of SFIV will be around in the tournament scene for a long time.