Ok - I just got done doing some testing. I didn't find a thread about this so here goes.
I have been testing Johnny Cage's X-ray against the other X-Rays and here is what I have found.
Johnny Cage's Xray counters Scorpions and Subzero's X-ray moves, but..
It doesnt counter Mileena's xray. If Johnny Cage activates his xray and then mileena does her xray, her xray lands and johnny cages doesnt.
BUT if this happens when mileena's xray lands it gives Johnny cage back his FULL xray meter.
What do you guys think about this?
Edit: i did not try hitting mileena's xray first and then johnny cages - someone might want to try it and see what happens