For me:
1.London
2.Burned Osaka with God Rugal or Shin Akuma
3.Stage in Japan with Hao & Honda giant balons <img src="graemlins/blowtop.gif" border="0" alt="[Blow Top]" /> !!!
My favorite stage is the one where your in some green and yellow room on a spinning platform or something with Xiang Fei in the background I think. Thats also my favorite music track on the game. And in second is Burning Osaka roof along with that tune.