This is a video demonstration of the multiplayer augmented reality version of Street Fighter II (aka Real World Warrior Edition) built by game developer Abhishek Singh. Obviously it looks like the controls and player moves have been simplified, but the potential is there. Personally, I can't wait till I can settle disputes with friends with a match of augmented reality Street Fighter II instead of the usual pistol duel. I'm a quick draw, and I'm running out of friends.
Keep going for the whole video, complete with bonus stage at the end.
Thanks to Pavel, who settles disputes with rock-paper-scissors. I used to do that, but I can never stop myself from yelling out what I'm about to throw.