The overall winner is consoles and today, there is no contest.
Back in the 80's, 90's and early party of this decade, the graphics for fighting games were better at arcades but now there isn't any difference. A major advantage for fighting games on consoles is that they're cheaper if you play the game often (assuming you already had the console). And while you can play against people at arcades, you could also do the same at home on your console. The console version offers more options, variety over the arcade version. Last with online gaming, that's a whole other option for console fighting games. The only advantage I see for arcade fighting games or arcades in general is the nostalgia factor and just getting out of the house and playing in public with friends as well as meeting new people there.
I'll come up with something better eventually...
