The best fighting game for the 360, maybe even best game period!
I was very, very pleasantly surprised.
This is probably my favorite game of all time now. I have games like Gears of War, GRAW 2, etc. etc, and I still play this one the most.
Graphics: Not much by todays standards, the graphics were pretty awesome when this game was in the arcades. The developers used a special picture technology where they dressed up people as the characters and had them pose every frame of movement, then strung it all together to make it fluid. The result is a game that is/was very realistic.
Sound: The sound is okay, but I usually have music on when I'm playing it, so I don't hear the sounds that often.
Gameplay: AMAZING!!! Every character is different, has different combos, special moves and fatalities. The combos may seem hard at first (like Jax and Kung Lao) but after a little bit of practice they will come easily. Same thing with fatalities.
Offline Play: Probably the game's worst thing by far. The computer just sits there pretty much, and when ever you make a move, the computer (who has instant reflexes) immediately makes the perfect move to counter yours. Offline play is pretty much crap, and it's a shame that most of the achievements are for offline mode. I've tried countless times to beat Noob Saibot, even on novice mode, but he kills me every time.
Online Play: This is where the game Ultimate Mortal Kombat 3 truly shines. This is the kind of thing I live for. With little to no lag unless you're playing someone from a far away country, the game pretty much runs perfectly. Unlike Street Fighter II, UMK3 doesn't take 30 seconds to load a game. You press A to start, choose your character, and begin. It's fast, and you never really have to wait around for things to load. Definitely the best thing about this game is being able to test your skills against people across the world, and you can compare your scores with every player on the leaderboards.
Summary: If you like awesome fighting games with a ton of replay value, longevity, and hours and hours of fun, you should definitely buy this game.