Hmm... I haven't played the Saturn version, but I have the 32X game and I play that fairly often. It's a pretty fun game to just pull out and kill some time with once in awhile. For being one of the first 3d games out there, the animation is astoundingly good! The AI is really good compared to most of the fighting games of the time as well. The only thing I don't really like is the extreme floatyness of the jumps (which has been reduced somewhat in every subsequent release).
I have fond memories of playing this game when it first was released in the arcades. At that time, everyone was playing Mortal Kombat, but there was a small, dedicated core of people playing VF. I remember coming home with my eyes glazed over several times over the course of the summer. 😉