Holding L and R powers up the fighters, with the same button combination (this time combined with any of the four face buttons) initiating the supers as well. Transformation happens at the same rate between characters, and once transformed the three available supers are the same from character to character. As an extremely annoying aspect of the game, the players themselves all feel nearly identical. You'll pick your player, punch and kick until they are ready to transform, and then pull off supers to take out opponents at an alarming rate. And though the obvious traits are there - Shoong is slow but powerful, whereas Ming relies on quick combos at the expense of attack effectiveness - that's about as deep as it goes.
Your main all-around fighters include the stock characters Ang, Ling, and Beingal, as well as the smaller and more nimble Ming or the ogre-like Shoong. When it comes to the overall diversity of characters though, there aren't too many notable attributes that really stand out between the fighters themselves.