Apparently, as stated in DMans writeup, this started out as an arcade game, but I have never seen such a beast. Perhaps, as suggested by DMans writeup, that is because I am an American. Oh well, the perks outweigh the flaws.
However, I do know of this game's other incarnation: Virtual On:
Cyber Troopers (or is it Cyber Troopers:Virtual On? I always see it printed the former way, but the latter sounds better to the ear), Released for the SEGA Saturn videogame console. Unlike the arcade, This version uses a normal control pad: A = left trigger, C = right trigger, B = dash, X or Z = jump, Y = A + C. L rotates left, R rotates right, press them together and you get guard. Unfortunately, this setup makes things like jump cancels Difficult; you must use a clumsy and weird controller configuration. A twin stick was apparently availiable, since the option menu in the game allows you to configure one, but, as above, I have never seen one.
Unless the arcade version was years ahead of its time, the home version has a feature the arcade lacks: NetLink play. A 28.8 modem for the Saturn, called the NetLink, allowed you to play Virtual On against people far, far away. As long as you were willing to pay long distance; the NetLink, despite its name, does not connect to the internet for games (although, it does connect to the internet for web browsing.)
Overall, this game easily ranks among the Saturn's top 5 games, and among the top 5 fighting games of all time. Normally, I hate fighting games (mostly, they are now 'who can execute their combo fastest and most flawlessly before the other guy can move' fests), but this is one of the few that I can't put down. Personally, I think that, had SEGA hyped this game enough, it could have singlehandedly saved the Saturn from oblivion. But this was not to be. If you get the chance to get a Saturn, grab one, and this game. It will not dissapoint.