So bought KOF94 on PSN after work today, luckily thanks to Gunsmith's post on Orochinagi i didn't end up buying the PSP version by mistake...
As a package it seems SNKP have put alot of work into bringing it on to PSN. There are loads of saving options, screen filter options, a sound test option, and a digital instruction manual which looks pretty good.
On the netcode, which is probably the main reason i bought this (already own 2 copies of it on AES, and REBOUT for ps2), it's a bit of a mixed bag. Against Gunsmith it was really bad, constant slowdown and input lag all over the place. (See video Below)
They have put some sort of ping filter in the network options though, so you can search for people with a certain set of criteria and you can also play the game at the same time. Though as of yet i've been unable to match up against anyone like this :(
I did manage to have a few playable (within reason) games after the matches with Gunsmith though, so the netcode isn't completely trash (just not very good).
Overall it's a bit difficult to recommend KOF94, it's a very old game, and i'd imagine most people would be looking for good netcode to play this (which is variable). I'd probably recommend 94REBOUT over this.
I do hope they will continue with the Neo Geo Station though, would love to be able to play some of the later AES games (like RB2, Last Blade, etc), and think it's a bit of a shame that SNKP keep churning out this same batch of games for every system.
A decent start to their PSN venture, just not quite there yet.