I found out that in Virtua Fighter 3, there are numerous graphical glitches (as said in the readme file) are:
Versus and New Challenger Screen were being obscured by a 3d graphic that prolongs from the last scene/fight
Missing 'fading' effects before the character select screen pops-up and transitioning character's head when you choose a character to another. Also I noticed that the Select Screens' timer were fast! (same thing for the winning pose screen which the character's quote wasn't finished because it cuts immediately to the next round)
Last but not least, Missing textures for Akira, Pai, and Lau stage (plus missing special effects for each certain stages, such as fog in Aoi's stage, etc.)