We're still a little miffed at Capcom for their continually limited Android support, but that doesn't mean we don't enjoy their games. If you share our compulsion for the classics of 2D gaming, you can now run arcade games designed for the CP System 2 with CPSEmu, another project from the developers behind the Neo Geo emulator NeoDroid. It works like any standard Android emulator, which means you won't be seeing it on the Android Market any time soon. Download it from this XDA thread.
For the uninitiated, the Capcom Play System 2 platform was a series of standardized arcade machines designed to run Capcom's arcade games through the 90s and early 2000s. It enjoys a special place in history as the launch platform for Super Street Fighter II Turbo, widely considered to be one of the finest 2D fighting games ever made. Other notable titles include Alien vs Predator, X-Men: Children of the Atom, and the original Marvel vs Capcom.
The emulator should run on any Android phone or tablet with Froyo or later. It does need at least a 1Ghz processor to run optimally, though if you're an Android gaming enthusiast, odds are pretty good that you're covered there. As always with emulators, downloading and playing games that you don't physically own is illegal - the XDA app is just the emulator software itself. A number of improvements to the developer's code will be back-ported to NeoDroid soon. And good news, XPERIA Play owners: it works natively with your phone's slide-out control buttons.