I still really feel that the story of "Street Fighter" is centered, first and foremost, on Ryu and Ken.  Therefore, the only "successful" movie would involve a plot centered on these two characters.  And this, contrary to what many people think, this is doable.

Any good story has a three tier structure (development, rising action, resolution) which is supported by a single unifying "audience friendly" theme.  What I mean by audience friendly pertains to a subject people understand and care about.  So, a writer has to ask himself, what is it about Ryu and Ken that relates with people? 

Ryu, as we know, is an orphan.  What does an orphan go through?  Abandonment issues.  Why does he try to be the best?  Maybe to cover up his insecurity?  And when you finally find somewhere you belong and it's suddenly taken away from you (Gouken's murder), what do you do?  What if you weren't there to stop it?  Guilt...revenge...a person would loose his way trying to right what once went wrong even when you can't find the enemy.  So, you pick fights and get tempted into become darker (a slave to the Satsui No Hado).  A feeling of guilt paired with revenge could make the character of Ryu become much more human, something audiences will like.

How about Ken Masters?  Undisciplined as a child, mischeivous, looking for attention.  Why?  Same thing why Ryu fights to be the best perhaps.  With a busy father, maybe he feels abandoned as well.  And we see many examples of people with everything except for a friend.  After meeting Ryu, he finds someone that he can relate with in this way.  Maybe after witnessing his master's death, he feels vengeance in his heart as well, but with no sign of the villian, he drowns himself in his work life in America to dull the pain, all the while wondering what happened to his young friend, who's struggling as well.

One alone in solitude and the other alone in the crowds coming together to form a life long bond.  Friendship should be the major theme of Street Fighter.  How about the plot?  On the good guy's side, definitely based on vengeance as this is the unifying "understandable" emotion theatrical audiences are accustomed too, especially in a martial arts movie.  Ken coping with not being able to stop the murderer...Ryu trying to cope with not being there because of his want to be a great fighter (i.e. guilt in failing).

Now for the villian, if you're going to do a film on Ryu and Ken, you need to find a villian that is powerful as well as intimate with their personal history...namely Akuma.  As with every villian, his motivation would be centered on gaining power.  Now in the game, his quest to fight the best fighters to the death is not understandable to a broad audience and makes the story seem unfocused.  To provide direction to his actions, his quest in the story should be focused on gaining "pieces to a puzzle" that will gain him ultimate power.  One thing that is unique about the Akuma character is his use of the "Raging Demon" technique, possibly a technique handed down and made obscure somehow...maybe in separate scrolls of knowledge...held by different heirs to the "assassin's art." 

In other words, a good Street Fighter movie would involve Ryu trying to live his life in penance, fighting off his inner demons with physical combat, while Ken tries to find his old friend and understand what is "really important in his life" (doing business as usual and forgetting...or...remembering and facing the pain again), all in the backdrop of Akuma trying to "collect knowledge" of this "Raging Demon" technique through violent means.

Here's my idea of how the plot should be formulated...

Development: 20 - 30 minutes

The first five minutes should be spent in an intercut sequence between Ryu's fight with the "king of Muy Thai" and Ken traveling to visit Gouken to say goodbye only to find Gouken in a fight to the death with Ken offering to help his master.  Dialog will suggest that Gouken has conceiled part of an ancient manuscript he feels is his birthright.  In the end of the sequence, Ryu strikes down Sagat with a massive shoryuken that scars him.  Ryu fears the power in his hands.  Ken witnesses the death of his master and is incapacitated by Akuma in combat.  Akuma reads the scroll and "absobs its power" and mocks Ken leaving Ken to fend for his life.  He passes out.

Flash forward several years, Ken wakes up to a life of prestige and wealth, but he's bored and disturbed...distracted.  He balances this out with caring for his ailing father, but when death comes near for him, he is given the all important advice to not let his material life rule him, but to find the thing that is more important.  Ken's father reaches out a red martial arts belt, stating it was his most proud moment to see his son when he got it.  So he kept it.  So, even though he couldn't be there all the time, he had something of him to remind him.  Father and son moment here...

Such advice would trigger tiny episodes of his childhood with Ryu.  A childhood in which he resents being left by his father in a "dingy little hut in Japan" with some "old fart" and some "weirdo orphan who doesn't say anything."  He thinks nothing or Ryu until Gouken sends him out in the rain to fetch a rare flower, herb, whatever...lost in the forest, Ken feels fear for the first time in his life.  Ryu finds him and they gain strength in their new found bond.

Flashforward to his dad's funeral, Ken heeds his father's advice even more.  One day he just suddenly drops all his responsibilities and uses his resources to search out his young friend who has not seen in a very long time.  Upon getting a lead, he prepares to travel.

Meanwhile, a montage of fights show Ryu ever so ingrained in his fighting though sadness fills his heart at the end.  When everything is said and done, he wanders the rough streets with his bag, takes odd jobs here and there, then disappears to another place.  He attempts to write Ken, but always stops himself.  Little squables here and there put him into action as if he's trying to save his master in each incident.  He goes to sleep with guilt and anger...but yet a glimmer of calmness...

Ryu remembers training with Ken and their comradery.  The promise that when there was something each other needed, they'd be there for each other. 

But for "this journey" he would rather spare from his friend...and he goes to sleep.

Rising action:  60 - 80 minutes

Elsewhere, a mafia sydicate gathers to confront a man meditating at a private prayer place.  It's Akuma.  They have come to eliminate him because of his refusal to execute an important political assasination ordered by their boss.  Upon seeing that their boss is among their presence, he gives them notice explaining the money was never the objective.  He kills many swiftly and manages to get into some aggressive combat with the boss and takes pleasure in beating him.  Offering his life for another "ancient scoll," the boss points to the rear of the main statue.  He kills the boss and finds the other scroll engraved in the rear of the statue.  The boss's son, a coward, is then "persuaded" to do his bidding in finding the other missing pieces and detailing the other holders of the secret.  Others who survive lend their services to Akuma out of fear.

Ryu finds himself working for a family business where he befriends a lonely little girl named Sakura.  He can't seem to shake her but she never seems to say anything, reminding him of himself a bit, so he softens up around her.  Little does Ryu know that he's being watched from afar, and as night falls, he finds himself under attack by skillful assassins with his stalker Sakura caught in the middle.  Ryu rushes to protect her, but as comic relief, she would be studying Ryu's moves as he fought, and she'd do the same thing later.  Something like that...But they are soon overwhelmed by the attackers and are spared by "another boss" who takes them away to his lair. 

Ken, meanwhile, arrives in Southeast Asia.  There he is refered to a "Seargeant Guile" who will act a liason, being he's an important man and all.  To his surprise, the seargeant turns out to be a hot blond in a bar named Eliza.  After exchanging some witty exchanges, Ken fights off some jealous suitors and escapes with his new gal in search of his friend, Ryu.

In the layer, Ryu is informed by the "boss" about a secret pact between four assassin's clans to keep the secret of the "Raging Demon" from the hands of one, splitting the knowledge into four, each piece held by a "boss" or "grand master."  Two (Gouken, and the "boss" Akuma just encountered) are dead.  Only he and a master named Retsu remain.  In order to keep his secret safe, the "boss" entrusts Ryu with his scroll and instructed to flee and protect what Gouken gave his life for.  But before he can leave, Akuma and his new accomplices attack.  Ryu, overcome with the will for vengeance, fights through to Akuma, but when Sakura gets in the way, Akuma uses her to exchange her life for the scroll.  Ryu does, Akuma escapes and the cops arrive to arrest everyone. 

Searching for Ryu, Ken and Eliza, after an episode of flirtation, are hinted to the whereabouts of Ryu from a detective curious about their loitering.  Ken meets Ryu in jail and bails him out.  They have an altercation concerning Ryu's will to do things on his own.  Ken reminds him of their pact to be there for one another. 

Making up, Ryu, Ken, and Eliza find clues to the whereabouts of Retsu through their knowledge of legend and artifacts.  They travel through treacherous lands and find themselves attacked by a mysterious force in the forest.  They find out it is Retsu testing them, and comments that Ryu and Ken are undisciplined.  He takes them to his temple and says that what they look for cannot be found in the material world.  Soon after, Akuma attacks the temple fatally wounding Retsu and placing Ryu in a coma with what he knows of the "Raging Demon attack"  Taking Eliza, Akuma says to Ken that he better find the secret of the "last scroll" or Eliza will be sacrificed. 

Placing Ryu in the hospital, Ken says farewell to his friend and departs sadly to meet Akuma.  Ken meets Akuma and Eliza in a climactic location preparing for the final battle, as Ryu's vitals start to figit.  Memories flood Ryu's head of his master's sayings to him and Ken when they were children, hinting at their worth to each other...their power.  Ken tries to fight Akuma in anger but finds himself overwhelmed until Ryu suddenly appears.  Ryu tells Ken they are the missing scroll.  Their "assassin's art" was not really a killing art, only misunderstood as such by people's ambition.  The last scroll is about working together, shared power, to combat the abuse of such.  With this understood, Ryu and Ken fight Akuma together and save Eliza in a battle for the ages. 

Conclusion:

Ken and Ryu visit their master's grave and promise to keep in touch.  Ken gives Ryu the red belt that his father gave him, hoping Ryu will always keep their friendship alive and well. 

Ken goes to the airport and is greeted by Eliza who is heading back to the states as well.  They take the flight with some witty banter detailing that she's meeting up with her brother later.  Ken thinks they could be buds being a people person...lol.

The credits open detailing Ryu continuing in street fighting and winning many tournaments.  Ken is also shown winning American martial arts tournaments and getting married...

after the credits...a man in a hospital bed looks on at their fights...a military cap is placed on his side table...

Name:  Jerry Ko, AKA "Mr. K.O."

Country:  Mongolia

Height:  6'2"

Weight:  230 lbs.

Martial Art:  Ansatsuken

Background:  Linked with the most feared South East Asian organizations in the world and a member of the revered Ko Family, he has drawn himself out of the shadows to regain the prestige his own family would not garner him.  As overseer of his new master's "ultimate plan," he hopes to gain revenge on those who thought less of him...

Gameplay style:  Slow in directional movement, he is surprisingly fast with dynamic power strikes that catch opponents off guard.  But be warry as his long locks provide tricky long range options of attack.

Special Moves:

Hair whip (quarter circle forward + punch):  A fierce punch makes him swing his hair upward diagonally as an air attacker deterant.  Medium punch sends a whip directly forward with the capability of breaking projectiles and hitting an opponent.  Light punch does the same as medium only faster and weaker.  Be wary of the lag in execution as it could provide an opening...needs good timing and anticipation.

Ghengis buster (half circle backward + punch; follow up: hold forward + punch or kick):  An artful short range stunning punch with small moment of invincibility if timed correctly.  If using punch the whole time, he will swing into one more fancy fist strike into a finishing knockdown power thrust.  If switching to kick, the first punch will be followed by a low hitting trick sweep into a finishing cartwheel leg drop from above.  It can be mixed and mashed, but when changing between punch and kick, there is a lag that can provide an opening if the opponent fails to be confused.

Cartwheel throw (half circle foward + kick)  A short range cartwheel jump to grab opponent by shoulders using his momentum to throw the opponent.  Good for countering opponent's sweep or crouch blockers.  Misses leave you very vulnerable so be warry.  Best to mix it up during the course of close range approach assaults.

more to come...