Both Street Fighter movies have sucked, in my opinion. So far, the animated movie is the only one that has managed to respect the style of Street Fighter.
But, how should be a live action Street Fighter movie.
My idea would be
[details=Spoiler]A two-parter adaptation, sharing the same director and writer, but not ending in a cliffhanger to not compromise the second one’s existence in case the first one won’t be a success.
PART 1
TITLE: STREET FIGHTER
For me, the important thing here would be representing not so much the story but the spirit of the video game series itself: Fighters with colorful and varied martial art styles, fighting around the world.
Plot: A martial arts tournament is open, led by Sagat, to know who is the better fighter of the world.
Characters:
Ryu
Ken
We know only a bit of this characters’s background and relationship, friendship, motivations and personalities. Both of them appear together only in the beginning, later they travel around the world each one on its own, because they enter the tournament.
Zangief
Zangief’s opening scene shows him defeating a bear in a snow storm in Russia, to show this character’s greatness. After that he arrives to his village and receives the invitation for the tournament. There he’s challenged by Ryu, there’s a fight and he’s defeated. Zangief should be shown as a noble spirit and sort of nostalgic of Russian country, a more tridimensional view that him being a brute and cocky wrestler.
E. Honda
He appears in the movie as one of the fighters of the tournament. Probably defeated by Sagat, who mocks the Japanese afterwards.
Blanka
A colorful fighter, not bad. This wild man appears in chain, fighting Ken. No electricity, to make it more believable, but he keeps his ability of rolling and tackling the opponent, biting, and scratching with his claws.
Chun-Li
Guile
These two participants of the tournament appear but their appearance is not much explained and they have little protagonism. The intention is planting a seed to explore in the sequel. They fight Ryu and Ken, only to see some good action scenes. Later they explain they’re agents undercover investigating the tournament because of some shady business, they advice them not to trust Sagat.
Balrog
This character appears in the tournament in some way. Probably defeating Ken, playing dirty. Later Guile and Chun-Li fight Balrog (nothing against the machinegun-using Balrog from Legend of Chun-Li) because they think he’s suspicious.
Sagat
The tournament organizer. He fights the finale against Ryu, but he defeats him with a Shin Shoryuken.
The action scenes level should be akin to X-Men 2. “Special effects” wouldn’t feature energy effects, like fire, hadoukens or shoryuken, but there should feature some way to indicate they exist and they are there, probably a flashback with Ryu and Ken’s master doing something impressive (that won’t be seen in screen, only its consequences).
The final Shin Shoryuken should have an awesome special effects, but only because everything would be building the climatic scene pero porque se va construyendo lentamente el momento climático. I wouldn’t be against Guile taking Balrog’s helicopter down with a Sonic Boom (the effect would be actually “invisible”, a sort of air distorsion) 
Right in the end, a reveal showing in shadows the true organizer of the tournament: M. Bison.
PART 2
TITLE: STREET FIGHTER II
This movie abandons the “tournament” format, instead, the plot is more action and thrills Having recognized the best fighter of the world, M. Bison sends his assassins to annihilate whoever rivals with his power.
Very similar to the Street Fighter Animated Movie, we have Guile and Chun-Li, now with more protagonism, investigating Shadaloo. As well as Ryu and Ken coming back together to train some more.
Balrog (revealed to be an undercover Bison henchman) and Vega follow our protagonists, both of them with badass action scenes and fighting in their classic stages (Las Vegas and Spain). Another character of the movie would be Cammy, a brainwashed assassin fightinh Chun-Li.
Ryu and Ken reappear fighting the Shadaloo. Ken has a rematch against Balrog, Chun-Li versus Vega, and Sagat later reappears to take revenge on Ryu.
The other focus of the movie would be M. Bison. Here’s a megalomaniac, not maniatic and cartoonish, but serious, imposing and ruthless. His classic outfit would be a must, with shots from his back, watching over his people from a balcony, a true leader and dictator as he should be, interested in Ryu and Chun-Li’s power, among others.
Bison’s “Psycho-Power” is not shown as blue fire, electricity or any kind of energy, but as a sort of hypnosis and extreme intimidation, that can even deal intense pain by only holding a grasp on the opponent. Probably he engulfs in flames by the end, though. The same way, Ryu finally tries to do a Hadouken, remembering his training with Gouken; maybe a couple of them on the movie, and Ken with a burning shoryuken, that burns Vega’s face or something.
Sagat in the end regrets of his crimes, and he helps Ryu to reach Bison’s island, so they could fight him. Guile, Chun-Li and Bison are also instrumental to defeat Bison and free the people under his tyranny.
And probably a Street Fighter 0 movie, showing Ryu and Ken’s origins, and featuring Akuma.[/details]
Probable cast:
BENEDICT CUMBERBATCH as M. BISON
How would you do it?
