Ok, first off, let me say that I put that it's 'too violent' only to say that there is a lot of action-packed violence in it. Considering what you can do in the video game (from my day and the PS3 version we just got on clearance) what would you expect from a movie based on it...
That being said, it's kindof a cheesy movie version of the game that adds a plot and includes most of the characters I believe. It has an interesting backstory/plot for the 'creation' of the character Blanka also.
It's definitely not the best movie production, but I got this for my son to watch as he really liked playing SF4 for PS3 and I think he will get a kick (pun intended) out of the movie.
It has language in it, definitely ones that our kids can't say. They have been exposed to language already, not that we go out of our way to promote movies that have it, but given this is based on a video game we have played, this will be the expeption reason for me, but usually I wouldn't suggest a movie with tons of language in it.